Bitcoin traded lower on Saturday, as the world’s largest cryptocurrency faced some headwinds amidst wavering confidence in the global banking sector. Despite this, Bitcoin has remained on track for a solid month, with a gain of almost 20% in March and over 66% this year.
According to Dow Jones Market Data, Bitcoin was on pace for its best month since January, when it rose nearly 39%. However, over the past 24 hours, Bitcoin has fallen 0.8% to $27,671. Ether, the second-largest token, was down 0.6% to $1,755 on Saturday, while smaller crypto Cardano declined 1%. Meanwhile, Dogecoin gained 1%.
Despite solid gains this year, cryptocurrencies have largely slipped back into correlation with the stock market over the past week, following another boost in interest rates from the Federal Reserve. Digital assets have been swinging around with the Dow Jones Industrial Average and S&P 500, causing concerns among investors.
Moreover, there are concerns that cryptocurrency broker Coinbase Global could face securities charges from U.S. regulators, which has weighed on sentiment. Nevertheless, the cryptocurrency market remains volatile, and it is uncertain how the situation will evolve in the coming weeks.