Bitcoin Is Stuck at $28K

Bitcoin dropped 1.3%. Following a 9-month high, Bitcoin has dropped 1.3% in the last week, ending at roughly $27,800. At $1760, Ethereum was down 2.7%. Other top cryptocurrencies from the top 10 displayed a range of behaviors, including a drop of 8.2% (Polkadot) and a rise of 13.6% (Bitcoin Gold). (XRP).

According to CoinMarketCap, the total value of the cryptocurrency market dropped 1.4% to $1.16 trillion over the course of the week.

Around $28,900 was the latest 9-month peak for Bitcoin, but it later declined during the second part of the week.

Another recalculation caused the mining difficulty for bitcoin to increase by 7.56%. At 46.84 T, the number once again reached an all-time record. There were 335.23 EH/s in total. Since the start of the year, related metrics have increased by more than 30%.

Crypto News Paolo Ardoino, technical director at Tether, stated that the company has extra cash reserves of about $1.6 billion to support its stablecoin USDT. According to him, given the current banking crisis and the unpredictability of the global economy, bitcoin may well surpass its previous record high of $68,000.

Custodia Bank's membership application was once again denied by the Fed's board of directors, demonstrating that the bank's operating philosophy does not align with the objectives outlined in the Federal Reserve Act.

According to JPMorgan Bank, the US financial problem has created chances for some crypto platforms to grow their market share by providing banking services to cryptocurrency businesses and consumers.

5.3 million client accounts are managed by the massive German equities processing bank Deutsche Wertpapier Service Bank AG (dwpbank), which also debuted the wpNex bitcoin trading website.

By the end of the second quarter of 2023, Nasdaq, the company that runs the same-named stock market, intends to introduce bitcoin storing services.