Bitcoin hits $28k as uncertainty surrounds banks

The price of Bitcoin (BTC) surged past the $28,000 mark on March 19, gaining 16% over the past seven days, according to Cointelegraph MarketPro data.

At the time of writing, the leading cryptocurrency is trading at $28,063, up 2.4% over the past 24 hours. The price reached a day high of $28,459 and traded at a day low of $26,877.

Bitcoin has gained more than 37% against the US dollar for the entire week. Bitcoin’s market cap will grow by $194 billion in 2023, up 66% year-to-date, outperforming Wall Street bank stocks, especially as fears of a global banking crisis grow I’m here. Bitcoin is up about 65% in 2023 while the S&P 500 is up 2.5% and the Nasdaq is down 15%.

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

U.S. bank valuations fell amid continuing fears surrounding the country’s regional banks after last week’s developments including the closure of Silvergate, followed by regulatory acquisitions of signatories and Silicon Valley banks. continued.

RELATED: Bitcoin Levels to Watch as BTC Price Ends Highest Week in 9 Months

In Europe, earlier in the day, Credit Suisse was acquired by the UBS Group for around $2 billion as part of an emergency plan led by the Swiss authorities to preserve the country’s financial stability. As part of the deal, the Swiss National Bank (SNB) has pledged to provide USB with his $100 billion+ liquidity line.

The $2 billion deal represents a significant discount to Credit Suisse’s March 17 market cap of $8 billion. according to To the data from the market capitalization of the company.

Bitcoin could hit $1 million in less than 90 days due to the impending global banking crisis, former Coinbase CTO Balaji Srinivasan claimed on Twitter. According to Srinivasan’s predictions, the US banking crisis will trigger US dollar deflation, resulting in his scenario of hyperinflation when the price of Bitcoin hits $1 million. Srinivasan has bet $2 million on Twitter about his views on the future of the US economy and its potential impact on the value of Bitcoin.