Bitcoin traded slightly higher than its lowest in the previous week, which could indicate an upcoming crypto market recovery.
Bitcoin had recovered slightly from its lowest point in the previous week, as it traded higher to almost cross $21000 on March 11. It fell below that level and is presently trading in a close range just above $20500. The crypto market has faced a new hurdle in the form of the collapse of the Silicon Valley Bank, which has sent a wave of concern amongst the crypto community.
A major issuer of the USD coin has revealed its significant exposure to the Silicon Valley Bank, whose recent shutdown came completely out of the blue. Though traders witnessed a crypto market recovery on track in the last 24 hours, experts have stated the uncertainty awaiting the market in the next few weeks.
Along with Bitcoin, ETH also registered a brief recovery, while other cryptos such as Polygon, Dogecoin, Solana and Polkadot had also recouped moderately. The crypto market maintained its market capitalization just below $1 trillion, while Bitcoin’s market capitalization was at approximately $394 billion. Its 24-hour trading volume hovered just above $25 billion.
BTC/USD YTD price chart
While the course of the crypto market recovery had witnessed a fantastic run in the first couple of months of the year, macroeconomic issues have grappled the sector at present. Experts and analysts have still expressed their positive analysis for the market in 2023. Bitcoin is currently trading at around $20500 on March 12, 2023, with BTC/USD down by 0.24% in the previous 24 hours. Almost all other cryptos witnessed mixed trends in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (22,973.81).