Bitcoin rose above $26,500 in Asia on Friday afternoon. Ether and all other top 10 non-stablecoin cryptocurrencies rose, with the exception of BNB, the native token of the world’s largest crypto exchange Binance. Tron and Toncoin led the gains.
See related article: Binance.US CEO announces resignation amid major layoffs
Crypto Market extends gains
Bitcoin rose 0.87% to $26,569 in the 24 hours ending at 4 p.m. in Hong Kong and was up 1.24% for the week, according to CoinMarketCap data. The world’s largest cryptocurrency’s market cap rose 1.46% to $519.22 billion, while volume fell 8.81%.
“We may be on the verge of a significant price increase. I believe Bitcoin could rise to $28,660. Given the continued development of the cryptocurrency market, it is not surprising that all eyes are on Bitcoin’s rise to the $28,660 mark,” said Rania Gule, market analyst at multi-asset brokerage firm XS.com.
“Although the price of Bitcoin is showing signs of upward movement, the overall trend on the price chart remains bearish as long as the price remains below the resistance at $29,500. “Unless this trend reverses, a significant upside move for Bitcoin is unlikely,” Gule said in an emailed statement on Friday.
Ether, the world’s second-largest cryptocurrency, also gained 0.42% to $1,627, but is still down 1.08% on the week.
Tron gained the most, rising 3.4% to $0.08395 in the last 24 hours and 6.06% in the last seven days. This was followed by Toncoin, which rose 3.1% to $1.94 and was up 9.15% for the week.
The crypto market received a boost from news that Deutsche Bank – a German lender with total assets of $1.4 trillion at the end of 2022 – will launch custody services for cryptocurrencies and tokenized assets of institutional clients in a partnership with Swiss fintech firm Taurus . according to a news release Thursday.
“With the digital assets space expected to encompass trillions of dollars in assets, it is bound to be seen as a priority for investors and businesses alike. Therefore, custodian banks must begin to adapt to support their customers,” Paul Maley, global head of securities services at Deutsche Bank, said in the announcement.
BNB, the native token of the largest crypto exchange Binance, was the only one to post losses, falling 0.03% to $212 in the last 24 hours, extending its weekly loss to 2.23%. Brian Shroder, the CEO of Binance US, left the company when it laid off a third of its employees, or over 100 employees. The downsizing is expected to give Binance.US a financial jumpstart for more than seven years. Binance US has also faced growing regulatory pressure in the US and was sued by the Securities and Exchange Commission for allegedly violating its securities mandate.
Total crypto market cap increased by 0.76% to $1.05 trillion in the last 24 hours, while market volume fell by 4.18% to $26.72 billion.