Bitcoin’s price soars beyond the $28,000 zone, marking a 16% increase in value over the previous seven days.
According to research, the price of bitcoin surged on March 19 to above the $28,000 mark, representing a 16% increase in value over the previous seven days.
The top cryptocurrency at the time of writing was trading at $28,063, up 2.4% over the previous 24 hours. Prior to trading at $26,877 at the day’s low, the price reached $28,459 at its day’s peak point.
Compared to the US dollar, Bitcoin has increased by almost 37% this week overall. With rising concerns about a worldwide banking crisis, bitcoin’s market capitalization increased by $194 billion in 2023, or 66% year-to-date, outperforming Wall Street bank stocks. Compared to the S&P 500’s 2.5% gain and the Nasdaq’s 15% fall in 2023, bitcoin has increased by roughly 65% so far this year.
Following last week’s events, which included Silvergate’s closing and the following regulator takeover of Signature Bank and Silicon Valley Bank, valuations of US banks have dropped amid the continuing fear regarding regional banks in the country.
As part of emergency measures taken by Swiss authorities to maintain the financial stability of the country, Credit Suisse was acquired by UBS Group earlier in the day for around $2 billion in Europe. The Swiss National Bank agreed to lend USB more than $100 billion as part of the agreement.
According to statistics from Companies Market Cap, the $2 billion acquisition implies a sizable discount from Credit Suisse’s market value on March 17 of close to $8 billion.
According to former Coinbase CTO Balaji Srinivasan, an impending global banking crisis could push Bitcoin over $1 million in less than 90 days. In Srinivasan’s prediction, a U.S. banking crisis would set off a hyperinflation scenario and a seven-digit Bitcoin price. On Twitter, Srinivasan is risking $2 million on his predictions for the future of the American economy and their potential effects on the cost of Bitcoin.