MCADE has topped the $0.027 mark as the cryptocurrency market begins to recover.
First Republic Bank has been acquired by JPMorgan Chase as the banking woes in the United States banking sector continue.
The banking woes have boosted Bitcoin’s position as a safe haven asset.
Analysts are becoming bullish on Bitcoin and the broader cryptocurrency market thanks to the recent banking woes in the United States. MCADE is up by more than 2% in the last 24 hours and could rally higher as the broader crypto market looks to embark on a recovery.
JPMorgan acquires First Republic Bank
JPMorgan Chase, one of the leading banks in the United States, has acquired the troubled First Republic Bank.
This latest cryptocurrency news comes after the First Republic Bank was seized by the California Department of Financial Protection and Innovation.
JPMorgan Chase will assume all assets of the embattled bank ding uninsured deposits. First Republic Bank currently has $229.1 billion in assets and $103.9 billion in deposits.
Following the acquisition, 84 locations of First Republic Bank in eight states will now reopen as JPMorgan Chase. Furthermore, all depositors of the troubled bank will become a part of JPMorgan and have access to their total deposits insured by FDIC.
First Republic Bank’s collapse is the third major one in the United States since the start of the year, a cause for concern amongst investors in the country,
Crypto experts are predicting a bullish run for Bitcoin
The recent banking woes have been favourable to the cryptocurrency sector. According to Standard Chartered analyst Geoff Kendrick, the recent events could see Bitcoin rally to $100,000 by 2024.
In a note following First Republic Bank’s woes, Kendrick said;
“We see the potential for Bitcoin (BTC) to reach the USD 100,000 level by end-2024, as we believe the much-touted ‘crypto winter’ is finally over. The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless and scarce digital asset,”
Bloomberg Intelligence’s Jamie Douglas Coutts also pointed out that Bitcoin could be on course for the longest streak of monthly gains since 2021. He stipulated that if 1% of global bond-market value moved toward Bitcoin, that would take BTC’s price to $185,000.
The FOMC meeting this week could see the Federal Reserve increase interest rates by 25 basis points as it continues to fight against inflation.
MCADE could rally higher in line with Bitcoin
The continued banking crisis in the United States could boost cryptocurrencies like Bitcoin, Ether, and Metacade in the short and medium term. More investors could see assets like BTC and MCADE as safe havens compared to the traditional financial ecosystem.
In addition to that, if the Federal Reserve adopts a more dovish approach to its interest rate hikes later this week, Bitcoin and other cryptocurrencies could greatly benefit.
MCADE is currently trading at $0.0275 per coin and is close to the $0.034 all-time high price it set roughly two weeks ago.
With MCADE set to list on the MEXC cryptocurrency exchange in a few days, the token will become available to millions of people globally, and this could boost its value in the near term.
MCADE listed on Uniswap and BitMart last month and is set to list on MEXC this week. The token could also launch on several other cryptocurrency exchanges over the next few weeks and months.
Is Metacade a good investment?
MCADE could be one of the tokens to watch out for as an investor in the cryptocurrency space. The token has been performing well since the pre-sale event was concluded, and Metacade raised $16 million.
As the Metacade team works on its GameFi platform and also listing on other exchanges, MCADE’s value could experience a massive surge over the next few weeks and months.
Experts believe that the GameFi industry could experience a surge in value over the next few years, and Metacade could be one of the biggest winners.