With a strong performance since the beginning of 2023, it has increased by approximately 70%. bitcoin It continues its horizontal movements at $28,000 levels.
BTC’While there were multiple catalysts for this rally in the USA, one of them was undoubtedly the banking crisis in the USA.
According to the news of Coindesk, the banking crisis BTC And cryptocurrency The famous stock market that evaluated its effect on the markets coinbaseHe said that crypto markets and Bitcoin have stood strong in the face of the recent crisis in the US banking system.
Stating that BTC has performed much better despite this crisis, Coinbase analysts David Duong and Brian Cubellis stated that BTC has outperformed other cryptocurrencies since mid-February.
Moreover BTC Its dominance increased from 43.9% to 47.7% in March relative to the total crypto market.
The following statements were included in the Coinabase report:
“Part of the rise in Bitcoin is that stress in the US banking system has strengthened BTC’s store-of-value properties.
The fact that BTC essentially exists outside of the traditional financial system provides a hedge against the current challenging conditions.
Also, Bitcoin’s correlation with the S&P 500 has dropped from a peak of 70% in May last year to 25% at the end of March.”
*Not investment advice.
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