Bitcoin price climbs 20% overnight as US banks brace for 40% profit cut

Bitcoin price climbs 20% overnight as US banks brace for 40% profit cut


The dollar value of Bitcoin (BTC) jumped 20% overnight leading into Jan. 12, as the world’s most well-known cryptocurrency recovered swiftly from a 27% decline suffered just days before. The broader cryptocurrency market followed suit on Tuesday, as over $150 billion flooded back into the global market cap on the same day.

The spot price of Bitcoin jumped from $30,468 to $36,633 in a little over 15 hours leading into Tuesday morning, representing overnight gains of 20.2%. This returned a majority of the losses incurred by the coin over the course of the previous weekend when the BTC price plunged from $41,880 down to $30,468.

Bitcoin 24-hour price chart. Source: CoinGecko

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As reported by Reuters on Jan. 11, major banking institutions in the United States will be hoping to put 2020 firmly behind them when fourth-quarterly numbers are released on Friday. Financial analysts are expecting a sharp contrast between Bitcoin’s recent fortunes and those of the legacy banking sector,

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