The SPDR S&P regional banking ETF has tanked by 35% in two months, while bitcoin's dominance rate has increased from 42% to nearly 49%. Reports godbole17.
Bitcoin's dominance rate, measuring the cryptocurrency's share in the broader market, has risen sharply since the onset of the ongoing U.S. banking sector instability almost two months ago.
The SPDR S&P regional banking ETF, which seeks to replicate the performance of an index derived from the regional U.S. banks, has tanked by 35% over the same time frame. According to Decentral Park Capital's Portfolio Manager Lewis Harland, bitcoin's growing market dominance amid the banking sector instability and the slide in banking stocks is evidence of the cryptocurrency's strengthening appeal as anti-U.S. dollar play or bet on the dollar weakness just as gold and oil.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stacks (STX) Surges 17% While Bitcoin Network Hits Unprecedented HighsStacks $STX soars 17% in response to Bitcoin's explosive network growth stacks stx bitcoin btc bitcoinnetwork brc20 $btc
Read more »
Bitcoin metrics to the moon: ATH for hash rate, daily transactions and OrdinalsThe surge in Bitcoin hash rate shows that despite price fluctuations, mining infrastructure investments are on the rise.
Read more »
Breaking: Bitcoin (BTC) Stumbles as Fed Opts for Another Rate HikeBitcoin slips into the red as the Federal Reserve's rate hike announcement stirs uncertainty
Read more »
Bitcoin Falls Slightly After Fed Rate HikeBitcoin’s price fell slightly to below $28.5K as the US central bank did as was widely expected and raised interest rates 25 bps. The central bank omitted language signaling rate hikes at upcoming meetings. _jocelynyang_ reports
Read more »
Bitcoin, Ether Decouple From Stocks: What's Next for Crypto After Fed Rate Hike?A recent decoupling of bitcoin and ether from traditional markets indicates that the assets will trade on their own merits. GWilliamsJr_CMT writes
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $28,000 Ahead of FOMC Decision – Market Updates Bitcoin NewsBitcoin fell below the $28,000 level on Tuesday, as markets continued to prepare for tomorrow’s Federal Reserve interest rate decision.
Read more »