Crypto News: Bitcoin Price Remains Stagnant at $28K

Bitcoin Hits 9-Month High of $28,900 Before Correction in Second Half of Week

Bitcoin experienced a rally to reach a 9-month high, reaching around $28,900, before experiencing a correction later in the week. Despite this decline, the leading cryptocurrency ended the week up just 1.3% at $27,800.
Crypto News Bitcoin Price Remains Stagnant at $28K

Ethereum also experienced a 2.7% decline, settling at $1760, while other altcoins in the top 10 showed mixed performance, with Polkadot falling 8.2% and XRP rising 13.6%. As reported by CoinMarketCap, the total market capitalization of the crypto market fell by 1.4% to $1.16 trillion.

Bitcoin mining difficulty increased by 7.56%, reaching an all-time high of 46.84 T after a recent recalculation. The average hash rate has also increased to 335.23 EH/s, which is 30% higher than at the beginning of the year.

Tether’s CTO, Paolo Arduino, announced that the company has $1.6 billion in additional reserves, which backs its stablecoin, USDT. Ardoino is bullish on Bitcoin’s prospects, believing it could surpass its previous record high of $68,000 amid global financial uncertainty and a banking crisis.

The Federal Reserve’s Board of Directors has once again rejected the Custodia Bank’s membership application, stating that the bank’s business model is inconsistent with the objectives of the Federal Reserve Act. Meanwhile, JPMorgan has identified opportunities for some crypto exchanges to increase market share by offering banking services to cryptocurrency firms and investors in the wake of the US banking crisis.

Deutsche Wertpapier Service Bank AG (dwpbank), which manages 5.3 million customer accounts for various banks, has launched wpNex, a Bitcoin trading platform. Nasdaq has also announced plans to launch a cryptocurrency storage service by the end of the second quarter of 2023.

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