MCADE breaks above $0.027 as the cryptocurrency market begins to recover.
First Republic Bank was acquired by JPMorgan Chase amid continuing bank woes in the US banking sector.
The bank’s woes have elevated Bitcoin’s status as a safe-haven asset.
Analysts are bullish on Bitcoin and the broader cryptocurrency market thanks to the recent bank woes in the US. MCADE is up more than 2% in the last 24 hours and could go higher as the broader crypto market looks to embark on a recovery.
JP Morgan Acquires First Republic Bank
JP Morgan Chase, one of the largest US banks, has acquired the troubled First Republic Bank.
This latest cryptocurrency news comes after First Republic Bank was seized by the California Department of Financial Protection and Innovation.
JPMorgan Chase will underwrite all assets of distressed banks, net of uninsured deposits. First Republic Bank has current assets of $229.1 billion and deposits of $103.9 billion.
Post-acquisition, First Republic Bank’s 84 locations in eight states will reopen as JPMorgan Chase. In addition, all troubled bank depositors will become part of JP Morgan and have access to gross deposits insured by the FDIC.
The failure of First Republic Bank is the third major US bankruptcy since the beginning of the year and is a cause for concern among the country’s investors.
Crypto Experts Predict a Bullish Move for Bitcoin
The recent banking woes are working in favor of the cryptocurrency sector.According to Standard Chartered analyst Jeff Kendrick, recent events Bitcoin to rise to $100,000 by 2024.
In a memo following First Republic Bank’s plight, Kendrick said:
“We believe Bitcoin (BTC) could reach the $100,000 level by the end of 2024. The current stress in the traditional banking sector has greatly contributed to BTC’s outperformance, and Bitcoin It validates the original premise that is a decentralized, trustless and scarce digital asset.”
of Bloomberg Intelligence Jamie Douglas Coots points out He said Bitcoin could continue its longest monthly rally since 2021. He stipulated that if 1% of the global bond market value shifts to Bitcoin, the price of BTC will be $185,000.
At this week’s FOMC meeting, the Federal Reserve is likely to raise interest rates by 25 basis points as it continues to fight inflation.
MCADE May Rise Alongside Bitcoin
The ongoing banking crisis in the US could boost cryptocurrencies such as Bitcoin, Ether and Metacade in the short and medium term. It is likely that more investors will see assets such as his BTC and MCADE as safe havens compared to traditional financial ecosystems.
On top of that, Bitcoin and other cryptocurrencies could benefit greatly if the Federal Reserve takes a more dovish approach to rate hikes later this week.
MCADE is currently trading at $0.0275 per coin, close to the all-time high of $0.034 set about two weeks ago.
With MCADE set to list on the MEXC cryptocurrency exchange in a matter of days, the token will become available to millions of people around the world, potentially increasing its value in the short term. I have.
MCADE was listed on Uniswap and BitMart last month and will be listed on MEXC this week. The token may also launch on several other cryptocurrency exchanges in the coming weeks and months.
Is Metacade a Good Investment?
MCADE could be one of the tokens to watch as an investor in the crypto space. The token has been performing well since the pre-sale event ended, with Metacade raising his $16 million.
With the Metacade team working on the GameFi platform and listing on other exchanges, the value of MCADE could rise significantly in the coming weeks and months.
Experts believe the GameFi industry could skyrocket in value over the next few years and Metacade could be one of the biggest winners.