Share this article
Bitcoin Rallies to $29K; Cardano Leads Gains Among Crypto Majors
Total market capitalization has risen 4.9% in the past 24 hours on expectations of Fed easing, some investors said.
Updated Apr 26, 2023, 2:41 p.m. Published Apr 26, 2023, 10:41 a.m.
Bitcoin rose to $29,000 in European morning hours on Wednesday, with some investors pointing to expectations the U.S. Federal Reserve will inject money into the economy in the coming weeks after signs of yet another U.S. bank collapse. Bitcoin was last at that level April 20, TradingView data show.
Shares of First Republic Bank (FRC) tumbled 50% on Tuesday after the San Francisco-based lender revealed a dramatic slump in deposits. Investors withdrew over $100 billion from the bank this quarter, prompting concerns it will become the third bank to fail, joining Silicon Valley Bank and Signature Bank.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The slide stressed U.S. markets, with the Dow Jones Industrial Average losing 1% and tech-heavy Nasdaq 100 dropping almost 2%. In contrast, bitcoin's price has added 6.4% in the past 24 hours, following safe-haven assets such as gold, to reverse nearly all losses from last week's sell-off.
Overall crypto market capitalization grew by 4.9%, with the likes of Cardano's ADA and Solana's SOL tokens jumping more than 7% to lead gains among major tokens.
Some observers reasoned the rally came from expectations of a liquidity injection by the Fed in a bid to protect its capital markets.
"With First Republic Bank looking like it could go under, I suspect the market is anticipating yet more liquidity injections to prop up what certainly seems to be an American banking sector that is still very much in the throes of crisis," Jake Boyle, a director of retail crypto brokerage Caleb & Brown, wrote in an email to CoinDesk.
"Bitcoin, as a result, is front-running these expectations. Cracks in the financial system are growing, even if relatively subtly at the moment, and it’s going to be incredibly difficult for the Fed to adhere to its tightening regime going forward,” he said. "Bitcoin’s rally of late has more to do with liquidity injections and rising expectations that the Fed’s tightening will probably have to end fairly soon, or else even greater turbulence in the banking sector could ensue.”
UPDATE (April 26, 11:00 UTC): Rewrites headline, first paragraph for bitcoin hitting $29,000; updates crypto prices throughout.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Asia Morning Briefing: Data shows legacy media took a more balanced view of bitcoin in 2025
Media attention shifted from bitcoin’s environmental footprint to crime and kidnapping in 2025, while overall sentiment remained broadly neutral, according to crypto intelligence platform Perception.
What to know:
- In 2025, mainstream media coverage of Bitcoin became more balanced, with neutral reporting surpassing negative stories.
- The shift in narrative was driven by the exhaustion of earlier critiques rather than increased enthusiasm for Bitcoin.
- AI emerged as the dominant topic in media, overshadowing Bitcoin and driving more significant sentiment swings.
Top Stories
