Bitcoin (BTC) traded at $43,000 (approx. The Japanese yen (exchanged at 145 yen to the dollar) stabilized at around 145 yen per dollar.

Shares of New York Community Bancorp (NYCB) have fallen more than 40% since January 30, hitting the same lows as last March after the company reported losses on commercial real estate loans and a reduced dividend. reached. The sector’s benchmark, the KBW Nasdaq Regional Bank Index (KBR), which had its biggest single-day decline since March on January 31st, fell another 2% on February 1st.

Will the Fed’s statement also have an impact?

Market participants also noted that the Federal Reserve, in its January 31 statement on interest rate decisions, removed key language from previous statements that referred to the resilience of the American banking system. We are also considering the importance of what we have done. Quinn Thompson, head of capital markets and growth at lending platform Maple Finance, wrote on Who would have thought that the removal of ‘Yes’ would become the most important policy?” Gold, a traditional safe-haven asset, is rising relative to American bank stocks, he noted.

In particular, during the “banking crisis” in March of last year, Bitcoin’s price dropped temporarily and then skyrocketed from $20,000 to nearly $30,000. It began to be recognized as a “safe haven” asset with no correlation to crises in the banking system.

Bitcoin price movements are small

This time, Bitcoin price movements have so far been subdued. The price rose slightly from below $42,000 on February 1st, consolidating in the previous channel with an upside of $44,000.

At the time of writing, Bitcoin is trading just below $43,000, having risen 1% in the past 24 hours. The CoinDesk 20, which tracks the performance of the 20 largest crypto assets by market capitalization, rose 1.5% during the same period.

Noelle Acheson, analyst and author of the newsletter Crypto Is Macro Now, said on February 1st, “Whatever the reason for yesterday’s ‘risk-off’ move in Bitcoin, this “It highlights the fascinating but confusing duality of the coin market: sometimes it’s a macro-risk asset, and other times it’s a hedge against macro risk.”

Maple Finance’s Thompson said he was surprised by Bitcoin’s slow response, but said he was “cautiously long.”

Dan Tapiero, a prominent digital asset and venture capital investor, told X: “Traditional ‘stores of value’ are slowly fading away. It was considered a safe-haven asset for storing the He commented, “There were few alternatives…gold, art, stocks, bonds, etc. Bitcoin will become the new global store of value enabled by technology.”

｜Translation and editing: Rinan Hayashi
｜Image: CoinDesk
｜Original text: Bitcoin Steady at $43K as Tumbling US Regional Bank Stocks Reignite Worries