A massive rise in digital currencies as the panic fades.. Bitcoin jumps 40% By Investing.com

A massive rise in digital currencies as the panic fades.. Bitcoin jumps 40% By Investing.com
A massive rise in digital currencies as the panic fades.. Bitcoin jumps 40% By Investing.com
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© Reuters

Investing.com – Cryptocurrencies extended gains during these trading moments on Monday, despite regulators’ efforts to limit the spread of crypto crashes, fearing more crises in traditional credit markets.

The rise of digital currencies today, Monday, coincided with the decline of the US dollar near its lowest level in 9 months, due to market expectations of a further slowdown in the Federal Reserve’s policy towards interest rates.

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The dread fades

Meanwhile, feelings of fear and panic evaporated from the digital currency market, amid a state of optimism dominating dealers, despite the recent warnings and collapses.

And according to the data of the Crypto Fear & Greed Index, which measures the psychology of dealers in the crypto markets, the index held firm in the neutrality area, which it managed to reach during yesterday’s trading, Sunday.

During these moments of trading today, Monday, the Crypto Fear & Greed Index records 50 points, after rising yesterday to 53 points, compared to 45 points, which express fear last Saturday.

Bitcoin now

It succeeded for a short time today, Monday, in surpassing the levels of $23,000, which is the highest since last August, and the bulls of the first currency are struggling to push it above those levels, after testing it yesterday, Saturday, when it jumped to levels of $23.2,000.

The largest digital currencies hovered within 24 hours between levels of $22.38 thousand as a bottom and levels of $23.056 as a peak, while trading volumes have so far reached nearly $25 billion, a decline of about 8% from yesterday’s trading, Sunday.

Bitcoin rises by 10% in a week, while it jumps by 36% in a month, and by more than 40% since the beginning of the year, to jump its market value to levels of $ 442 billion.

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market now

Meanwhile, the market value of digital currencies has risen to levels near $1.05 trillion, with gains of nearly $20 billion over the past twenty-four hours.

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It rose by 1% to levels of $1.6 thousand, while it rose by 6% within a week, within the range of 36% since the beginning of the year, and its market value jumped to more than $200 billion now.

Binance Coin rose 1% and increased by 3% in a week, while it increased by 26% since the beginning of the year, while it increased 4% and by 10% in a week and within 25% from the beginning of the year.

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New warnings

In the latest decisions by financial institutions to hedge against the contagion of the cryptocurrency meltdown, Signature Bank reversed crypto transactions of less than $100,000. The shift comes after the Federal Deposit Insurance Corporation warned of the risks of crypto assets.

Binance, the world’s largest cryptocurrency exchange, said Signature Bank will only handle user transactions over $100,000 as the bank reduces its exposure to the digital asset markets.

According to the statement: “Binance said that one of our partners, Signature Bank, said it will no longer support any cryptocurrency exchange clients with buying and selling amounts of less than $100,000 starting February 1, 2023.

As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell with/against USD in amounts less than $100,000 USD.

In the statement, Binance said it was “actively working to find an alternative solution…and that” 0.01% of its average monthly users receive services from Signature Bank.

A Binance spokesperson said that no other banking partners were affected nor announced any decisions similar to Signature Bank, knowing that SWIFT is a network used by financial institutions to transfer information and funds.

The article does not express a recommendation or nomination, but merely monitors the fluctuations of the market, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, noting that it is not fully subject to the bodies and markets.

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