Major Crypto Assets Follow Bitcoin's Upward Trajectory
As Bitcoin soared, other cryptocurrencies like Ether, Binance's BNB, and Cardano's ADA also experienced gains, increasing by 7%, 3.5%, and 9%, respectively. This price hike has been linked to growing issues within the U.S. banking sector.
Short Traders Suffer Losses Amid Crypto Rally
Short traders faced heavy losses, with $62 million in short liquidations, primarily on Binance and OKX exchanges. Derivative exchanges witnessed their largest liquidations this year, with $240 million liquidated on April 14 and nearly $150 million in the past 24 hours.
Crypto Stocks Gain Amid Market Rally
Coinbase and MicroStrategy stocks saw a boost of 2.5% and 7.6%, respectively. The market dynamics resembled the situation during Silicon Valley Bank's collapse, with Bitcoin leading the rally.
U.S. Banking Woes Drive Bitcoin Rally
First Republic Bank's $72 billion in outflows during the quarter has intensified banking issues in the U.S. This has fueled Bitcoin's recent rally and strengthened its role as a "haven asset" during ongoing banking troubles, according to Standard Chartered and Bernstein analysts.