Major coins were in the red Thursday night, with the cryptocurrency market capitalization up 3.2% to $1.2 trillion at the time of writing.
See also: How to start your Bitcoin journey
Why it matters: Ethereum, the second-largest coin by market capitalization, has posted a larger 24-hour gain than Bitcoin at the time of writing.
Cryptocurrencies rose on the day, as the tech-heavy Nasdaq closed up more than 1% in the green. However, at the time of writing, US stock futures were little changed as equity investors focused on the US banking crisis.
"It sold after the Fed's [ Janet Yellen's ] comments that they will not insure all bank deposits with FDIC insurance. It was bad news for banks and fears of contagion," said Edward Moya , senior market analyst. GO .
Moya said in a note seen by Benzinga that bitcoin needs a "new catalyst" to break above $30,000.
"Bitcoin has strong resistance at $30,000. The cryptocurrency's recent rally was fueled by bank runs, which made them skeptical of traditional banks because of their vulnerability to deposit outflows."
Shares of Block Inc. SQ , led by Jack Dorsey , fell sharply on Thursday after Hindenburg Research issued a negative report on the bitcoin-focused company. The short sellers said Block deliberately misled investors by disguising it as "predatory" lending technology and fees.
Block called the report "misleading" and said he planned to work with the Securities and Exchange Commission to investigate a lawsuit against Hindenburg over its "materially inaccurate and misleading" publication.
Mikael van de Poppe said he would like the "$27,700 area" to continue. "If we lose, I would still be looking at $25,300-$25,800 and [$40,000]," the Amsterdam dealer said.
As for Ethereum, Justin Bennett said "it all depends" on $1,680, which is "perhaps the most important level" for the cryptocurrency co-founded by Vitalik Buterin .
As for altcoins, Santiment called several major deals "some of the biggest deals of the year for their respective networks." The market intelligence platform reported that Polygon (MATIC) and Fetch.ai (FET) recorded more than $40 million worth of transactions on their respective networks. Other altcoins that have seen big whale moves include Decentraland (MANA), DIA (DIA), Immutable (IMX) and The Sandbox (SAND).
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