Bitcoin eyes liquidity above $30K as gold hits new all-time high
Bitcoin (BTC) reclaimed $29,000 overnight into May 4 as the United States banking crisis risked spawning new victims.
Data from Cointelegraph Markets Pro and TradingView tracked a swift mood change for BTC/USD, which hit $29,242 on Bitstamp.
The pair had sunk to daily lows at the previous day’s Wall Street open as markets awaited the Federal Reserve’s decision on interest rates.
At the same time, more U.S. regional bank stocks were suffering, with the trend remaining as the Fed confirmed its much-anticipated 0.25% hike.
One lender, PacWest Bancorp, reportedly announced that it was considering a buyout, pressuring the regional bank sector even further while boosting havens, including Bitcoin.
Gold even hit new all-time highs as market commentators criticized the Fed’s approach and predicted the end of rate hikes altogether.
“The biggest joke is the fact that Jerome Powell says that the banking system has improved and is healthy, sound and resilient. It’s the weakest it has ever been and another few banks have been falling apart after market,” Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.
Van de Poppe referenced comments on the regional banking sector by Fed Chair Jerome Powell, which accompanied the rate decision.
“Conditions in that sector have broadly improved since early March, and the U.S banking system is sound and resilient,” he said in a statement prior to a subsequent press conference.
US Regional Bank Stocks After Hours: 1. PacWest, $PACW: -60%2. Western Alliance, $WAL: -30%3. Metropolitan Bank, $MCB: -20%4. Valley National, $VLY: -15%5. HomeStreet, $HMST: -11%6. Zions Bank, $ZION: -10%7. KeyCorp, $KEY: -8%8. Citizens Financial, $CFG: -5%…
Others were far from convinced, however.
Arthur Hayes,
Read more on cointelegraph.com
