General Bitcoin hovers around US$28,000 as banking concerns return. Will it hit US$30,000?

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Bitcoin, the world’s largest cryptocurrency by market capitalization, rose 4.82% in the week from March 17 to March 24 to trade at US$27,926 at 9:30 p.m. on Friday in Hong Kong. Ether rose 1.65% in the same period to US$1,772.

“Surging activity on the Bitcoin network is causing profitability to recover to levels consistent with the start of previous bullish cycles. The network is still expensive relative to transaction values but less so than at the start of February,” wrote Jamie Douglas Coutts, senior market structure analyst at Bloomberg Intelligence, in a research note shared with Forkast.

Maxwell Goldstein, the co-founder of Freeport, an on-chain fine art investment platform, said that this week’s price action was mainly driven by the U.S. Federal Reserve’s monetary policy decision.

The Federal Reserve raised its key interest rate by an expected 25 basis points on Wednesday. Bitcoin slid 1.94% to US$27,676 the day after the rate hike, also pressured by market concern of a banking crisis after U.S. Treasury Secretary Janet Yellen said the government is not considering a “blanket insurance” on bank deposits.

I remember when Bitcoin was 10 dollars a coin, even lower but the 10 dollar mark is what I remember. The only place to trade it at that time was an ex Magic the Gathering website turned Crypto Exchange that famously failed later on but that is another issue.
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