Bitcoin climbed to nine-month high as the biggest banking crisis in the US drove away investors towards “safe havens” like digital assets.
Bitcoin has seen its highest jump since June 12 on Sunday to reach $28,474. This comes amid surging expectations that central banks would slow the pace of interest rate hikes.
Bitcoin jumped up 26 per cent last week and has grown by over 35 per cent in just 10 days as turmoil in the banking sector has shocked the global banking scenario. It started with the collapse of Silicon Valley Bank and Β ended with the UBS’ takeover of Credit Suisse at a whopping 60% discount over the weekend.
“The momentum is all driven by liquidity, as bitcoin is an alternative liquidity vehicle,” Markus Thielson, head of research and strategy at digital asset financial services firm Matrixport based in Singapore told Reuters.
He anticipated that bitcoin could hit $45,000 by 2023-end, with liquidity from central banks finding its way into crypto assets, much as it did during 2021, when bitcoin scaled record highs.
Ref: https://www.businesstoday.in/crypto/story/bitcoin-at-9-month-high-svb-credit-suisse-collapse-gives-boost-to-crypto-prices-374121-2023-03-20
