As of 6:52 p.m., the price of Bitcoin is $29,499.22, representing a 4.06% change in the past 24 hours. Bitcoin’s market capitalization now stands at $571,042,567,348.14. Year-to-date, Bitcoin has experienced a 79.39% change.
After a volatile day for the crypto market, Bitcoin is holding steady above $29,500 as investors consider sluggish U.S. economic growth data and recent banking sector concerns. The largest cryptocurrency by market capitalization is currently trading around $29,600, up approximately 4% in the past 24 hours. During U.S. morning trading on Thursday, Bitcoin dipped slightly following the Commerce Department’s report of a disappointing 1.1% gain in GDP for the first quarter, before rebounding.
According to Bob Baxley, the chief technology officer at decentralized finance platform Maverick Protocol, Bitcoin’s recent performance reflects investors’ confidence in its ability to hold value during tumultuous events. He stated that Bitcoin and other crypto assets are functioning as safe havens, as they lack counterparty risk and are decentralized and censorship-resistant forms of value. Baxley also observed that major digital assets such as Bitcoin and Ethereum rose on Wednesday after the shares of regional bank First Republic plummeted by nearly 50%.
Disclaimer: This market update is for informational purposes only and is not intended to provide financial advice
