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Bitcoin attacks $28k as uncertainty surrounds banks

by SuperiorInvest

Bitcoin (BTC) price rose on March 19, breaking above the $28,000 zone, marking a 16% increase in value over the past 7 days, according to Cointelegraph’s MarketPro data.

At the time of writing, the leading cryptocurrency is trading at $28,063, up 2.4% in the last 24 hours. The price touched $28,459 at an intraday high before trading at $26,877 during the day.

Overall, Bitcoin gained over 37% against the US dollar this week. Bitcoin’s market cap will add $194 billion in 2023, representing a 66% annual gain, outperforming Wall Street bank stocks, especially concerns about the global banking crisis they rise Bitcoin is up 65% versus the S&P 500’s 2.5% gains and Nasdaq’s 15% decline in 2023.

Bitcoin Chart: Value and Trading Volume – March 13-19, 2023. Source: Cointelegraph

Bank valuations in the United States fell amid lingering fear surrounding the nation’s regional banks following last week’s developments, including the closing of Silvergate, followed by subsequent regulators. takeover of Signature Bank and Silicon Valley Bank.

Related: Bitcoin Levels to Watch as BTC Price Closes Highest Weekly in 9 Months

In Europe, Credit Suisse acquired UBS Group for nearly $2 billion earlier in the day as part of emergency plans led by Swiss authorities to preserve the country’s financial stability. As part of the deal, the Swiss National Bank (SNB) committed to providing USB with over USD 100 billion in liquidity line.

The $2 billion deal represents a significant discount to Credit Suisse’s March 17 market value of nearly $8 billion, according to on data from Companies Market Cap.

A looming global banking crisis could push bitcoin to $1 million in less than 90 days, former Coinbase CTO Balaji Srinivasan claimed on Twitter. According to Srinivasan’s forecast, a banking crisis in the US would trigger a deflation of the US dollar, and thus a hyperinflationary scenario leading to a $1 million bitcoin price. Srinivasan is bet $2 million on Twitter to see him for the future of the US economy as well as the potential impact on the value of Bitcoin.

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