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The banking crisis has certainly brought the US down to its knees but has proved incredibly beneficial for the cryptocurrency industry, as was witnessed by the massive price hikes last week. The weekend was bullish as well, and the star crypto is enjoying an impressive rally.
Notably, the banking crisis began with three regional United States banks: Silvergate Capital, Silicon Valley Bank, and Signature Bank. The crisis escalated when the decades-old multi-billion bank, Credit Suisse, announced a merger with UBS group in a deal worth $3.2 billion.
Bitcoin Price Rally
According to our latest crypto price oracles, Bitcoin jumped to a nine-month high of around $28.4k over the weekend after gaining over 25 percent last week. Similarly, top altcoins, including Ethereum, Binance’s BNB, and Solana, joined the weekend’s rally with a double-digit percentage gain.
Despite the recent crypto rally, top analysts think Bitcoin and altcoin markets could soon enter a correction phase and perhaps a multi-quarter consolidation.
Such a correction could send Bitcoin price below $19k and perhaps retest the $16k support level. Moreover, the futures market heavily influences the underlying derivatives market. Nonetheless, the gap could be left unfilled as the Bitcoin market rallied toward $30k and beyond in the near term.