BTC up 30% in a Week as Traditional Banks Shake Global Financial Landscape

March 20, 2023

MCP News Free

BTC up 30% in a Week as Traditional Banks Shake Global Financial Landscape

In just one week, following the recent financial crisis faced by the global traditional financial institutions, Bitcoin has marked a new all-time high of 2023 as analysts predict a more bullish move ahead.

According to data revealed by CoinMarketCap, on Sunday, Bitcoin hit a new 2023 high of $28k, and fast forward to early Monday, it spiked to $28.5k, and while writing this, it is currently trading at $28,014.

This Bitcoin market behavior shows that Bitcoin is one of the best-performing assets of 2023 with the cumulative percentage of 30% increment over the past week.

2022 was Bitcoin’s turbulent year with various events like the Terra ecosystem collapse, crypto lending firms’ bankruptcy, and the meltdown of one of the world’s leading cryptocurrency exchanges FTX in November, all contributing to the significant drop in the Bitcoin price and the entire crypto market cap.

Cumulatively, Bitcoin price has surged by over 70% since stepping into this year, in fact, in January this year, a global investment bank Goldman Sachs ranked Bitcoin as the best-performing asset in 2023, ranked above other assets like gold, Nasdaq 100, and real estate amongst others.

Also on Sunday, there was more pressure on traditional financial institutions after Swiss Banking giant UBS rival Credit Suisse ran into a serious financial crisis, adding to the existing damage caused by the Silicon Valley Bank collapse.

Additionally, apex banks of various countries on Sunday announced a “coordinated action” to enhance liquidity in their standing US dollar arrangements.

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