Bitcoin Shoots Beyond $28K as Banks Fall, Recovery in Sight

• Bitcoin surged beyond the $28,000 per unit mark, the highest it’s been since June of 2022.
• The banking sector is burning up as of late due to 3 major financial institutions that have gone under or announced plans to fully liquidate.
• Credit Suisse was bought out by UBS and this appears to have worked well for bitcoin which has shot up by more than $4,000 over 24 hours.

Bitcoin Surges Beyond 28K

Bitcoin has moved beyond the $28,000 per unit mark, the highest it’s been since June of 2022. This surge in price follows a year of heavy blows and wounds that bitcoin experienced in 2018 when it fell into the mid-$3,000 range. In 2019, bitcoin began to pick up momentum and ended the year at around $7,000 per unit. 2021 saw an all-time high of almost $68K but later dropped back down to the mid-$16K range in 2022 during a bear market where crypto lost more than $2 trillion in overall valuation.

The Banking Crisis

The banking crisis has been going on for the last month or so with three major financial institutions (Silvergate, Signature, and Silicon Valley Bank) having either gone under or announced plans to fully liquidate. Credit Suisse was then bought out by UBS which appears to have worked well for bitcoin as it has shot up by more than $4,000 over 24 hours.

Ilan Solot’s Comment

Ilan Solot – co-head of digital assets at Marex – commented: “Bitcoin is correlated with liquidity conditions and real rates. Real rates have declined, liquidity conditions have expanded, and it looks as if we’re entering a new regime.“

Comparison To 2019Conclusion

It looks like things are finally back on track for Bitcoin which could provide those who lost everything in last year’s bear market with an opportunity to earn their money back again.