The crypto market continued to grow today despite the tense mood on the stock market. Bitcoin, the largest digital currency by market value, rose to $27,025 on the Bitstamp trading platform. This is the highest level since June.
Since the beginning of the week, the price has increased by around a quarter. Other crypto assets such as ether also gained at the end of a tumultuous week. The market value of all nearly 23,000 cyber currencies was around $1.14 trillion.
Burdened by banking turmoil
Notwithstanding recent gains, the crypto market has been weighed down this week by the banking turmoil in the US and Europe. However, the setbacks were much more moderate than, for example, on the stock markets and for some classic currencies.
This is unusual, given that digital assets are among the most volatile financial stocks. Cryptocurrencies, on the other hand, were significantly impacted by the problems at the crypto bank Silvergate at the beginning of March.
Bitcoin and Co. recently received support from the significantly lower capital market interest rates, which also fell today. “The prospect of a more cautious monetary policy by the central banks on both sides of the Atlantic acts as a tip of the scales in the future,” explained crypto expert Timo Emden.
