Bitcoin Surged Amid Banking Turmoil
Bitcoin is staging a staggering rally in recent days amid turmoil within the global banking system!
its crypto enthusiast advocates are now turning to the coin’s next important milestone: $30,000.
The largest digital coin has gained roughly 25% since March 8, when signs first emerged of trouble around Silicon Valley Bank, which has since folded and ignited turmoil among other lenders.
Tweet on BTC rally
Bitcoin Surged Amid Banking Turmoil!
The leading cryptocurrency recently traded at $27,986, up 1.2% from its level 24 hours earlier, according to CoinDesk#BTC #BankingCrisis pic.twitter.com/dXtXKyoDVs— The_Journalbiz (@the_journalbiz) March 20, 2023
Bloomberg chart on BTC
The digital currency has added more than 20% since the start of the month to trade around $28,000, its highest since June of last year when a series of implosions within the digital assets space itself rocked the industry and pressured prices.
It last traded at $30,000 during the meltdown of now-bankrupt lender Celsius, also in June.
Those watching its new surge say some investors might be finding comfort in the idea that Bitcoin and other digital assets are out of reach of regulators and are outside the financial system, which in some ways isolates them from the issues affecting the broader bank sector.
“Bitcoin has been an asset that has moved with liquidity flows in the past. With this crisis, the Fed injected liquidity last week, so I think the move has more to do with added liquidity than investors seeing Bitcoin as a flight-to-safety asset,” said Maley. “It’s getting overbought, so Bitcoin will have a tough time breaking above $30k as this crisis calms down.”
