Bitcoin Soars 30% Over the Week as Global Banks Roil

Bitcoin has surged by 30% over the past week as global banks generate turmoil. Investors are turning to cryptocurrencies amid the uncertainty of the traditional banking system. With soaring price hikes, Bitcoin is becoming a safe haven for investors. This surge highlights the power of decentralized currencies to provide stability in an uncertain economic environment. Of late, the world has faced a precarious situation as central banks look for ways to drive economic growth. Amid this backdrop, Bitcoin has emerged as a preferred store of value for investors worldwide.

Bitcoin Continues to Rise, Hitting a New High of $28,503

Bitcoin has been on a roll recently, smashing through the $28,000 mark on Sunday, and hitting a new high of $28,503 on Monday morning, according to data from CoinGecko. The latest surge means that the leading cryptocurrency is up 4% in the day and as much as 28.4% over the last week, making it one of the top performers in the market.

It’s worth noting that Bitcoin last changed hands at these levels in June last year, amid the collapse of the Terra ecosystem and the contagion starting to spread across the cryptocurrency industry claiming the scalps of several key players, such as Celsius Network and Three Arrows Capital.

Despite the global banking sector being in turmoil with major bank stocks continuing to plummet following the collapse of Silicon Valley Bank and Signature Bank, Bitcoin has performed stunningly well. This has led enthusiasts to once again promote it as a “safe haven” asset.

Commenting on the collapse of SVB and Signature Bank, Cathie Wood of Ark Invest highlighted that “this debacle would not have been possible in the decentralized, transparent, auditable, and over-collateralized crypto asset ecosystem”.

Amidst the rally, Matrixport head of research Markus Thielen has said that the firm is reassessing its price targets for Bitcoin. “We are adjusting our near-term price target as our previous target of 28,000 has been reached. The new Bitcoin price target is 36,000 by summer 2023,” Thielen wrote in the latest note. He also noted that the $45,000 target by the end of the year “looks quite plausible now.”

In conclusion, the price of Bitcoin is making headlines once again, and the recent surge could be a positive sign for the cryptocurrency industry. With experts already predicting a highly positive price trajectory for the digital asset, it remains to be seen whether the current bullish momentum can continue in the coming months.

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