After a spectacular rally from $19,000 levels to $30,000 plus in the past two months, Bitcoin (BTC-USD) has seen a sharp correction and a swift recovery over the past few days. Prices are once again within kissing distance of the $30,000 mark but consolidation at current levels could be expected amid multiple factors.
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Concerns in the banking sector remain with the U.S. Government scrambling to keep First Republic Bank (NYSE: FRC) afloat. FRC has seen over $70 billion in deposits walk out the door in the past three months alone. Additionally, Coinbase’s (NASDAQ:COIN) showdown with the SEC is a key development for the crypto industry. The crypto exchange has filed a narrow action to evoke a “yes or no” answer from the regulator to seek regulatory guidance for the industry.
Amid this rising uncertainty, Ethereum (ETH-USD), too has given up recent gains partially and is trading at $1,900 at present.
Add to this, the U.S. Fed meeting is set for next week and the direction the Fed chooses next will have a bearing on the broader markets as well as the crypto industry.
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