As of early Wednesday morning, the trading price of Bitcoin was approximately $28400, an increase of approximately 3.7% within 24 hours
- As of early Wednesday morning, the trading price of Bitcoin was approximately $28400, an increase of approximately 3.7% within 24 hours.
- Ethereum rose 2.2% over the same period, and JPMorgan analysts continue to see seller pressure after Shapella.
- As the market rises, short traders are liquidated. Approximately $77 million in short assets have been cleared.
- Join us, official account: Chen is bad, not bad
Cryptocurrency prices rose overnight until early Wednesday morning. The price increase coincided with the issue of another US bank, this time FirstRepublic.
According to data provided by Coin through TradeView, as of 3:30 a.m. Eastern Time, the trading price of Bitcoin was $28330, an increase of 3.7% from the previous day. Bitcoin prices rebounded to over $28000 after falling below this level over the weekend. Ethereum rose 2.2% over the same period.
The rise in cryptocurrency prices yesterday coincided with more conflicts in the US banking industry. FirstRepublic experienced a deposit outflow of $102 billion in the first quarter of this year, $72 billion more than expected. According to Swissquote, the bank's difficulties have once again raised broader banking concerns.
Standard Chartered Bank stated this week that the banking issues in the United States have triggered the recent rebound of Bitcoin to over $30000 and are a catalyst for returning to the core use cases of cryptocurrencies. The bank announced that "the winter of encryption has ended" - and its predictions are not alone. Markus Thielen from Matrixport stated that the price of Bitcoin may reach $45000 by the end of the year.
After the latest upgrade, JPMorgan analysts have indicated that Ethereum may face further selling pressure.
Binance launched Ethereum withdrawals this week, allowing participants to exchange their BETH for ETH in a 1:1 ratio, "the bank wrote. Although Binance withdrawals can take up to 15 days to complete, they may "put further pressure on ETH in the coming weeks". JPMorgan Chase analysts pointed out that LidoFinance plans to enable Ether withdrawal for the LiquidStacking agreement at some point in May.
Short positions disappear in the latest market trends
During the recent decline in the crypto market, bullish futures traders suffered over $700 million in liquidation, and the recent surge led to a similar fate for bears.
According to Coinglas' data, short positions on derivative exchanges have been cleared by approximately $77 million in the past 24 hours. Most short positions occurred in Binance, OKX, and Bybit - $21 million, $14.9 million, and $12 million, respectively.
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