Bitcoin Is a Clear Winner of the U.S. Banking Crisis The narra | Genfield investment channel.
Bitcoin Is a Clear Winner of the U.S. Banking Crisis The narratives around bank failures, stablecoins and interest rate hikes seem strong enough to propel the price of bitcoin, says CoinDesk's George Kaloudis.
Silicon Valley Bank (SVB) failed on March 10, and since then the price of bitcoin (BTC) has been on a tear. In the early hours of March 10, bitcoin was trading around $19,600. It whipsawed just above and below $20,000 until around 12 p.m. ET when it was announced that SVB was going into FDIC receivership. At that point, bitcoin shed $200 to dip below $20,000, jumped around a bit and spent most of the weekend trading above $20,000. By Monday, March 13 at 9:30 a.m. ET it was trading at $22,386. And then the fun began. Just 24 hours later, bitcoin was trading at $26,175, at one point even touching up against $26,500. As of publication, it is currently sitting around $26,700. www.genfieldsa.com
