Bitcoin rose in price amid Moody's downgrade of U.S. bank ratings

Bitcoin rate rose amid Moody's downgrade of US banks' ratings

The growth of the BTC rate led to an increase in the value of other cryptocurrencies, in particular, Ethereum rose by 2.1%

Bitcoin (BTC) exchange rate on the night of August 9 rose by 2.89%, to $29.7 thousand, amid the news that the rating agency Moody's downgraded the credit ratings of ten medium and small banks in the United States, CNBC reported, citing data from Coin Metrics.

BTC/USD
29 853 +644 (2,2%)

btcup

Growth in the cryptocurrency market began on the morning of May 8, after Moody's downgraded the credit ratings of ten small and medium-sized U.S. banks and put large ones, including Bank of New York Mellon, U.S. Bancorp, State Street, and Northern Trust, at risk of downgrade.

For 11 significant financial organizations, the rating outlook changed to negative, including Capital One, Citizen Financial, and Fifth Third Bancorp.

On August 1, the bitcoin rate fell to $28.9 thousand and updated the minimum for a month. Within a day, the first cryptocurrency fell in price by 1.6%.