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Cryptocurrencies

Cryptocurrencies

Bank instability boosts Bitcoin to 9-month high.

Photo Credit: Nuthawut Photo Credit: Nuthawut
Photo Credit: Nuthawut Photo Credit: Nuthawut

Bitcoin reached a nine-month high on Monday as financial uncertainty drove some investors to digital assets, building on its greatest week in four years.

The largest cryptocurrency reached $28,567, its highest since mid-June, and was up 0.9% amid optimism that central banks will pause interest rate rises.

Bitcoin climbed 26% last week, its highest weekly increase since April 2019, and 40% in 10 days as global financial turbulence culminated in UBS Group’s purchase of Credit Suisse Group AG over the weekend.

As UBS completed its state-backed takeover of Credit Suisse on Monday, banking equities and bonds fell.

On Sunday, top central banks boosted global cash flow to prevent a rapid loss of trust in the banking system. The last worldwide reaction was during the COVID-19 epidemic.

“Its amazing gain is the outcome of the financial crisis, and as the interest rate markets pricing in rate reduction in the second half of 2023,” said IG Markets analyst Tony Sycamore, expecting a climb of $32,000 if bitcoin holds above $25,000.

Several market participants projected that central bank initiatives to boost global financial system liquidity would favor bitcoin. With the massive monetary and fiscal stimulus, it reached $69,000 in November 2021.

“Liquidity drives momentum,” said Markus Thielson of Singapore-based digital asset business Matrixport.


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