Bitcoin Close To Hitting Highest Weekly Close In 9 Months

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According to Cointelegraph Markets Pro and TradingView data, the Bitcoin/USD exchange rate on Bitstamp was around $27,000.

Bulls were prevented from pushing higher by a steady come down through after-hours trade after briefly reaching $28,000 into the weekend. This prompted market participants to assess the possibility of Bitcoin testing support once more. With the strong Silicon Valley Bank’s failure, cryptocurrency values are soaring. Cryptocurrencies are among the riskiest possible trading options since, unlike stocks, they are often not backed by any physical assets or the cash flow of an underlying firm. Hence, when distrust impacts the markets, someone might expect a decrease in cryptocurrency. 

Bitcoin Price Is Steadily Increasing

On the other hand, after it was made public that the U.S. authorities were guaranteeing nearly all deposits at the failed California bank and that savers would get their whole money back, the price of the most popular cryptocurrency, Bitcoin, rose. The price of Bitcoin has surpassed $27,000 as of this writing.

The argument that bitcoin can serve as a safety net against volatility in the conventional financial system is supported by the fact that it grew by 23% in a single week and just reached its highest levels in months.

Cryptocurrency is a risky asset that swings based on shifts in the future path of interest rates, much like many growth stocks. When rates are low, trading tends to move into riskier assets, while when rates are high, trading tends to move out of risky assets. They now believe that the Fed’s rate increases will slow down from their fierce pace of the previous year if not completely cease. However, a later post that day emphasized the value of close support only $300 below the existing spot price.