Bitcoin and Ethereum have rebounded to the $22,000 level, indicating some stability in the crypto market after recent drops. Although Ethereum has reached over $1,600, the positive development was due to the government’s protection of depositors in Silicon Valley Bank. Meanwhile, the weakening US dollar has supported the improvements in market sentiment, decreasing inflationary pressures. The global cryptocurrency market has rebounded to $1.02 trillion after a sharp decline, with Bitcoin stable in the $22,000 range. However, the absence of clear regulation and oversight remains a concern and limits industry growth and adoption. In the meantime, two major US financial institutions, Circle and Silicon Valley Bank, have faced significant challenges, highlighting the need for transparent laws and monitoring for market stability. Investors are purchasing cryptocurrencies like Bitcoin as a hedge against inflation, and the bullish bias towards the US dollar has been identified as a key factor supporting BTC price. The first hurdle for Bitcoin is its $25,200 resistance level, with $25,500 and $25,150 as potential price targets if the bullish momentum continues.
