Bitcoin temporarily exceeds $ 28,000 | coindesk JAPAN | Coindesk Japan

price

Bitcoin: $28,006, +3.0%
Ethereum: $1,780, −2.80.2%
● CoinDesk Market Index (CMI): 1,205, +2.3%
● S&P500: 3,916.64, -1.1%
Gold: $1,980, +0.5%

Bitcoin escapes banking troubles

Bitcoin (BTC) is above $28,000 at the time of this writing, up about 3% in 24 hours. Around 14:30 on the 20th Japan time, it fell back to around $27,500.

The decline of crypto-friendly banks was expected to drive crypto-asset prices down, but things have turned around in a much shorter period of time than expected. After the disappearance of Silvergate Bank and Signature Bank, the global financial system faced a credibility crisis. And as many banks struggle with liquidity shortages, appetite for risky assets has rekindled.

But in Asia, the situation is a little different.

Flowdesk’s Asia Pacific CEO David Bachelier said Singapore and the rest of Asia were less affected by the US banking crisis, including the failure of the Silicon Valley bank. It remains to be seen whether other banks will try to fill the gap created by

“Silicon Valley Bank has been a key player in providing financing and other services to high-growth companies that many Asian banks haven’t done,” Bachelier said.

“It’s an important moment for the Asian venture industry and an opportunity to close the gap created by the collapse of the American player.”

American companies expand into Asia

While Asia’s Silicon Valley bank may not appear anytime soon, he stressed that various banks are developing and ramping up their funding for crypto companies.

“Coinbase’s recent announcement of a partnership with a bank in Singapore also highlights the further expansion of American companies into the Asian region, suggesting relatively little disruption from the banking crisis. very interesting

But the question is how long this rally will last.

BitBull Capital CEO Joe DiPasquale says Bitcoin is poised to test $30,000, but may lack fundamental support.

“From a technical analysis perspective, the current price action is overheated and could soon correct towards $25,000. At the FOMC, most analysts believe there will be a rate hike of at most 0.25%,” DiPasquale said.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: First Mover Asia: Bitcoin Is Being Made Great Again