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Over the past week, Bitcoin prices rose to surpass the $28,000 mark and achieve a 16% increase in value.
As of March 19th, Bitcoin was trading at $28,063, a 2.4% increase from the previous day, with the highest price of the day hitting $28,459 before settling at $26,877. In addition, the crypto giant has gained over 37% against the U.S. dollar.
In 2023, the leading cryptocurrency’s market capitalization has gained $194 billion in 2023, marking a 66% gain year-to-date, which has surpassed Wall Street bank stocks despite growing concerns over a global banking crisis.
Bitcoin’s performance in 2023 is impressive, with a 65% increase compared to the S&P 500’s 2.5% gain and Nasdaq’s 15% decline.
However, recent developments in the United States have caused regional bank fears, with Silvergate shutting down and regulators taking over Signature Bank and Silicon Valley Bank.
In Europe, Credit Suisse was acquired by UBS Group for nearly $2 billion to ensure financial stability. However, former Coinbase chief technology officer Balaji Srinivasan claims that Bitcoin may reach $1 million in less than 90 days if there is an impending global banking crisis.