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How Bitcoin is benefiting from the banking crisis

From foxbusiness.com

Bitcoin has emerged as an unlikely benefactor as investors flee banking stocks amid contagion fears following the collapse of Silicon Valley Bank. The largest cryptocurrency by market value topped $27,000 over the weekend, the highest level since June. For the year, it has gained over 60%, making it one of the best-performing asset classes of the year, blowing past the S&P 500’s 2% gain through Friday. The upward move may be tied to an unexpected shift in the Federal Reserve’s battle plan to bring down inflation. "A strange element to the rally is it comes alongside recent troubles in the banking sector, ... (full story)

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  • Category: Fundamental Analysis