In a bullish trend that continued into Monday am trading in Asia, Bitcoin surged over the weekend to temporarily over US$28,000 and contributed to the rise of the majority of the top 10 non-stablecoin cryptocurrencies. With mounting worry about the status of the global financial sector, Bitcoin was the top gainer. Over the weekend, a number of central banks announced that they will coordinate an attempt to inject money into the markets to maintain liquidity. After a string of bank collapses in the United States this month, Swiss regulators engineered an emergency overnight takeover of international investment bank Credit Suisse by UBS.

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Quick facts

• At 9:00 a.m., Bitcoin was up 2.96% over the last 24 hours to US$27,929 (USD). according to CoinMarketCap data, in Hong Kong to record a weekly gain of 23.24%. The 0)largest cryptocurrency in the world has increased more than 66% since the beginning of the year, and during the weekend, it briefly traded above US$28,000, surpassing that barrier for the very first time since June 12 of last year.

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• Concern over the precarious economic situation in the United States is the primary factor driving Bitcoin's rise, Kadan Stadelmann, chief technical officer of blockchain infrastructure development company Komodo, told Trade Algo.

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• "The Federal Reserve started a multi-trillion dollar program of quantitative easing, reduced the required amount of bank deposits from 10% to 0% on March 26, 2020, and brought about the present inflationary period, which has prompted people to look for alternate means of asset preservation. Bitcoin has emerged as a popular choice, according to Stadelmann.

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• Although it lost 0.02% to US$1,777, ether had gained 9.24% in the last week.

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• XRP increased by 3.04% for the week, rising 2.61% to US$0.3874. In an interview with Thinking Crypto last Friday, Coinbase's chief legal officer, Paul Grewal, made a suggestion that the company might relist XRP.

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• Even after Polygon Laboratories announced a relationship with business software giant Salesforce last Thursday to create NFT-based loyalty programs, the Polygon Matic token dropped 2.30% to US$1.16, reducing its gain for the week to only 0.23%.

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• The Federal Reserve may have to change its monetary policy of rising interest rates as a result of the financial crisis, increasing the risk of inflation and encouraging more investors to view Bitcoin as a place of refuge, according to a story published by Trade Algo.

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• In the previous day, the overall market value of cryptocurrencies increased by 1.46% to US$1.17 trillion. Over the past 24 hours, total trade volume decreased 2.70% to US$65.76 billion.
• Over the past 24 hours, total trade volume decreased 2.70% to US$65.76 billion.

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• On Friday, concerns about the banking sector caused a decline in U.S. stocks. The Nasdaq Composite Index moved lower by 0.74%, the S&P 500 declined by 1.10%, and the Dow Jones Industrial Average sank by 1.19%. After a US$30 billion injection from big U.S. financial institutions early in the week, First Republic Bank shares dropped 32.80% on Friday.

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• In order to increase market liquidity, the Federal Reserve and the central banks of Canada, the United Kingdom, the European Union, Japan, and Switzerland announced a coordinated action on Sunday.

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• As of 9:00 a.m., the decision to inject liquidity into the markets enabled U.S. stock futures teeter upward. Monday in Hong Kong. Futures for the Dow Jones Industrial Average increased by 0.19%. The Nasdaq Composite Index increased 0.41% and the S&P 500 futures gained 0.28%.

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• Regarding inflation, the University of Michigan announced on Friday that the U.S. index of consumer sentiment unexpectedly fell in March, the first decrease in four months. The research shows that the Federal Reserve's recent higher interest rate policy has slowed inflation.

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• The range of U.S. interest rates is 4.5% to 4.75%, which is the highest level since October 2007. When the Fed meets this week, analysts at the CME Group predict a 76.8% chance of a rate increase of 25 basis points and a 23.2% chance of the no rate increase, up from 20.3% on Friday.

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• Although it decreased from 6.4% in January to 6% in February, the U.S. consumer price index (CPI) is still much higher than the Federal Reserve's target of 2% annual inflation.