The fractional reserve banking system’s limitations have been exposed by recent bank failures in the U.S., strengthening the case for investing in Bitcoin (BTC). According to crypto services provider Matrixport, American buyers are leading the safe haven bid for the cryptocurrency. Bitcoin has seen a 40% rally in ten days, reaching a nine-month high of $28,000, according to CoinDesk data. This surge in demand for BTC has been driven by investors seeking a safe haven asset in the face of economic uncertainty.
Since the dip on March 10, Bitcoin has seen a 44% rally, with 31% of the rally driven during U.S. trading hours. This indicates that Americans are buying Bitcoin with both hands, likely due to the ongoing stress in the banking sector. Bitcoin is available to trade 24/7 worldwide, and its price action varies depending on news flow and macroeconomic data releases. Bitcoin’s rally is a sign that investors are turning to the cryptocurrency as a safe haven asset, and that the demand for Bitcoin is increasing despite the uncertain economic climate.
The banking sector issues in the U.S. have been dominating the news flow lately, resulting in a repricing of interest rate expectations lower. This has had a positive impact on the performance of Bitcoin during U.S. trading hours. According to Matrixport, American hours have been a major source of bullish pressure since the start of the year, driving up the price of Bitcoin. This trend is expected to continue as long as the banking sector issues remain unresolved. Investors should keep an eye on the news flow and the resulting changes in interest rate expectations to make informed decisions about their investments.
Bitcoin (BTC) has had an impressive year-to-date performance, with a 66% increase in value. During U.S. trading hours, the cryptocurrency rallied 47%, while in Asia it only increased by 16%. European trading hours saw a more modest 3% increase. This impressive performance shows that Bitcoin is continuing to gain momentum and is a strong investment option for those looking to diversify their portfolios.
