If you've been following the financial news, you're probably aware of the recent turbulence in the global banking sector. It seems like every day there's a new crisis or scandal, with major banks collapsing and stocks plummeting. Against this backdrop, it's especially impressive that Bitcoin has been able to soar to new heights.
After smashing through the $28,000 mark on Sunday, Bitcoin hit the year's high of $28,503 on Monday morning. This represents a 28.4% increase over the last week, making Bitcoin one of the best performers in the market. At the time of writing, Bitcoin had corrected slightly to $28,375, but it's still up 4% for the day.
Compare this to the situation with major bank stocks, which have been dropping like stones. Silicon Valley Bank and Signature Bank both collapsed earlier this month, and Swiss banking giant UBS agreed to buy its crisis-hit rival Credit Suisse in an emergency deal worth over $3 billion.
In the midst of all this chaos, Bitcoin has emerged as a safe haven for investors. As Cathie Wood of Ark Invest pointed out, the recent debacle in the banking sector "would not have been possible in the decentralized, transparent, auditable, and over-collateralized crypto asset ecosystem." In fact, crypto assets have been behaving like safe havens, with prices appreciating along with gold.
Matrixport head of research Markus Thielen has even revised his price targets for Bitcoin, saying that the new target is $36,000 by summer 2023. He also thinks that a $45,000 target by the end of the year "looks quite plausible now." Thielen notes that both Bitcoin and Ethereum are trading above the 50-day moving average, which is a bullish sign.
It's clear that there's a macro liquidity story developing that's been historically powerful for Bitcoin. As global banks continue to roil, it's no wonder that more and more investors are turning to cryptocurrency as The Next Money Model. If you're interested in buying Bitcoin,
check out this link ( https://bit.ly/3c9dFE0 ) to learn more about the exciting world of cryptocurrency.
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