MCADE rises above $0.027 as the cryptocurrency market rebounds
MCADE has surged past $0.027, as a result of the crypto market resurgence after the recent sharp downturn. After declining to as low as $0.017 in January, it has seen an impressive recovery, gaining over 60% since then. Here some key highlights:
Recently, the banking issues in the United States have caused analysts to become optimistic about Bitcoin and the overall cryptocurrency market.
In the past 24 hours, MCADE has increased by over 2%. The wider crypto market appears to be recovering, which could potentially cause MCADE to increase even further.
JPMorgan Chase recently announced the acquisition of First Republic Bank, which is seen as a sign of the ongoing banking issues in the United States.
This move has been positively received by analysts, who view it as a sign that traditional banking institutions are open to working with cryptocurrency companies. In addition, this strengthens Bitcoin’s position as a safe haven asset, as investors turn to it in times of economic uncertainty.
The recent cryptocurrency news follows the seizure of First Republic Bank by the California Department of Financial Protection and Innovation. This move was a result of the bank’s alleged failure to comply with state regulations and consumer protection laws.
JPMorgan Chase will take over all assets of First Republic Bank, including the deposits that are not insured. First Republic Bank’s assets amount to $229.1 billion and its deposits are currently at $103.9 billion.
After being acquired, JPMorgan Chase will reopen 84 locations in eight states that previously belonged to First Republic Bank. Additionally, all depositors of First Republic Bank will become JPMorgan customers and will have access to their entire insured deposits under FDIC.
Investors in the United States are concerned about the collapse of First Republic Bank, which marks the third major bank collapse this year.
As the banking troubles in the United States increase, cryptocurrency experts are optimistic about a bullish run for Bitcoin. Analysts expect that investors will flock to Bitcoin as a safe haven asset and this could potentially send its price soaring.
Standard Chartered analyst Geoff Kendrick predicts that Bitcoin could rally to $100,000 by 2024 due to the recent banking woes that have favored the cryptocurrency sector.
In a note following First Republic Bank’s troubles, Kendrick says;
“Our prediction is that Bitcoin (BTC) will potentially reach the level of USD 100,000 by the end of 2024. We believe that the phase known as the ‘crypto winter’ has come to an end. The current challenges faced by the traditional banking sector favor the outperformance of BTC and confirm the initial principle of Bitcoin being a scarce, decentralised, and trustless digital asset.”
This news is a positive development for investors in MCADE and other cryptocurrencies, as it indicates that the crypto market; could be on the verge of a bullish trend. As such, investors should closely monitor the cryptocurrency space to take advantage of any potential opportunities
The recent acquisition of First Republic Bank by JPMorgan Chase has been positive news for the cryptocurrency market. It demonstrates that traditional banking institutions are open to working with cryptocurrency companies and strengthens Bitcoin’s position as a safe haven asset.
As a result, MCADE has risen above $0.027, an indication that the crypto market is rebounding. Investors should keep an eye on MCADE as it continues to rebound.