Bitcoin Defies Market Turmoil, Surges to Nine-Month High

Weekly Update

The Global Crypto Market Cap is up by 3.85% to $1.11T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 17.74% to $66.69B.

DeFi’s total 24-hour volume is $5.31B, or 7.97% of the overall Crypto Market volume. All Stablecoin volume is currently $63.35B, or 94.99% of the 24-hour volume of the whole Crypto Market.

The price of Bitcoin was trading at $26,078.47 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 44.84%, an increase of 0.63% from the previous day. In the last 24 hours, the price of ETH increased by 4.03% to $1,724.10, while the price of BNB went up by 4.64% to $332.30.

In a week marked by two of the largest U.S. bank failures in history, the stock and cryptocurrency markets were shaken as prices took a hit. However, despite the initial turmoil, the crypto market has managed to bounce back, with BTC even surpassing the $26K milestone a few days ago. Currently, the market shows strong signs of recovery, with a surge of over 19% compared to last week, fueling hopes of an imminent rally.

Solo BTC Miner Earns $150K in Block Reward

A solo Bitcoin miner has struck it rich after successfully mining a valid BTC block, an exceptional occurrence that has only happened 270 times out of the 700,000 blocks produced in the last 13 years. The lucky miner managed to mine the 780,112th block in the Bitcoin blockchain, receiving a whopping 6.25 BTC block reward in return, which is estimated to be worth over $150,000.

Bitcoin mining has been gaining momentum as a profitable investment option with the potential to yield significant returns. And this year, it seems that solo miners are having a stroke of luck. Just a few months ago, in January, a solo miner solved a block with a hash rate of 10 TH/s and became the first one to add block 772,793 to the blockchain. The miner received a whopping 98% of the total 6.35939231 BTC authorized as the block reward and fees, making it a highly profitable venture.

With the increasing popularity of green mining and the possibility of an imminent rally, more and more investors are now exploring the lucrative mining space. Remote mining is also gaining traction due to its ease of use and convenience. With these developments, Bitcoin mining is not only becoming a profitable investment option but also a rewarding adventure for those willing to take the risk and invest their time and resources.

Bitcoin Reaches Highest Level Since June 2022

On Tuesday, Bitcoin reached a nine-month high of $26,514.72, extending its four-day gain streak, and outperforming other asset classes in a quick recovery from global market turbulence caused by the recent collapses of Silicon Valley Bank and Signature Bank. Bitcoin surged to $26,514.72 on March 14, 2023, an increase of approximately 10% in a single day, reaching its highest level since June 2022. Despite US consumer price data on Tuesday showing a slower pace of inflation than the previous month, the dollar remained stable overall, and this widely expected reading may prompt the Federal Reserve to slow down or even pause the rate hike next week.

The year 2023 has been a successful year for Bitcoin, unlike last year when major crypto firms crashed, leading to a significant market downturn. However, the elimination of fraudulent companies and projects contributed to a positive outcome, with only companies and projects that genuinely provide solutions to problems in the crypto, financial, retail, and other sectors remaining. Investors brace for imminent rally as Bitcoin records over 55% YTD increase.