Bitcoin, the world’s best-known and largest cryptocurrency, has maintained its recent upward trajectory, rising to $28,527 on Monday morning. Within the last 24 hours, BTC is up more than 4%, and in the past week, it is up more than 28%, cementing its position as one of the top performing assets in the market.
The recent surge in cryptocurrency prices can be attributed to the ongoing banking crisis, which has prompted investors to seek alternative assets, resulting in increased demand and prices for cryptocurrencies.
It is important to note that the recent failures of Silicon Valley Bank and Signature Bank have put the global banking sector in a precarious position.
moreover, UBS, the Swiss banking gianthas announced an emergency plan to acquire its struggling competitor Credit Suisse, adding to the uncertainty in the banking industry and emphasizing the challenges facing financial institutions in maintaining stability during these turbulent times.
Conversely, the economy could be heavily impacted by the Federal Reserve’s interest rate announcement on March 22.
federal Reserve Banks are faced with an important decision about whether to raise interest rates, which could potentially help curb inflation but also harm the economy, leading to further bank failures. As a result of this uncertainty, some investors are turning to bitcoin as a potential hedge against the current financial system.
Bitcoin value surges more than 30% on fears of increased instability of the global banking system
The value of bitcoin continues to rise, with gains of more than 30% over the past week amid growing concerns about the stability of the global banking system. Nevertheless, the recent bankruptcy of Greenseal Capital and the ongoing crisis at Credit Suisse have rekindled fears about the health of the financial system.
As a result, many investors are looking to alternative assets such as bitcoin, which is seen as a safe haven against traditional financial institutions.
The cryptocurrency market is on the rise worldwide with many cryptocurrencies trading ahead of the Federal Reserve meeting. While concerns about a possible financial crisis have weighed down on stock market sentiment, they have benefited the cryptocurrency market.
It is worth noting that central banks have taken steps to provide emergency liquidity measures to aid the banking sector and prevent further collapse. However, fears remain about the possible fallout from the unexpected failure of major US companies last week.
bitcoin price
Currently, the price of bitcoin is $28,400, with a 24-hour trading volume of $48 billion. In the last 24 hours, the value of bitcoin has increased by 4%.
From a technical perspective, the BTC/USD pair is currently exhibiting a bullish trendline, facing an initial hurdle at the $27,740 level.
Should the $27,740 resistance be successfully overcome, bitcoin price is likely to move towards the $29,000 or $30,700 range. However, in a bearish scenario, the $26,600 and $25,200 support levels are expected to hold steady.
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