In the early hours of trading on March 17, Bitcoin’s price recovered to $26,000, just below its yearly high.
The drop in crypto markets is partly due to the failure of two big banks that did business with bitcoin. The fact that these businesses also collapsed into bankruptcy didn’t help matters.
The SVB Saga Has Been Good For Bitcoin
As of this writing, BTC is trading at $26,089, an increase of 5.7% in the last 24 hours that lends credence to the recent rumor that investors prefer bitcoin over banks in light of what has been seen with banks.
The total value of the Bitcoin market rose by nearly 5% as well. Meanwhile, on March 16th, as other cryptocurrencies plummeted in value due to SVB’s bankruptcy, bitcoin’s market share rose to levels not seen since June of 2022.
In a recent interview on CNBC, Michael Novogratz echoed similar views, predicting a Bitcoin bankruptcy because Silicon Valley Bank and Silvergate Bank, two of the most well-known banks that gave money to bitcoin businesses, didn’t have enough money and were pressured by government agencies. boom because more investors chose the asset because banks were thought to be weak.
Silicon Valley Bank and Silvergate Bank, two of the most well-known banks that gave money to bitcoin businesses, went bankrupt because they didn’t have enough money and were pressured by government agencies. The cryptocurrency markets went into a spiral, and the price of bitcoin fell to under $24,000.
Despite this setback, Bitcoin quickly got back on its feet and is now selling for $26,000 again. Many people think this is because institutional investors are becoming more interested in bitcoin. There has been an increase in curiosity around this topic in recent weeks.