Bitcoin is already up 50% this year — beating stocks and gold
Publishing timestamp: 2023-03-15 06:36:37
Summary
Bitcoin has rallied 50% this year despite the collapse of major crypto-focused banks. The recent rise is somewhat of a surprise given the closure of Silvergate Capital and Signature Bank, two of the biggest lenders to the crypto industry. However, the anticipation of a slower pace of interest rate hikes from the U.S. Federal Reserve is helping bitcoin. The collapse of banks has also shone a spotlight on the power of decentralized currencies, which is beginning to hit home in terms of concept to many more people now. Bitcoin proponents claim that digital currency is a way for investors to protect themselves against central bank moves, particularly quantitative easing and looser monetary policy, which they say erodes the value of fiat currency.
Sentiment: MIXED
Tickers: .NDX, SIVB, BTC.CM=, SI, META, SBNY, SOL.CM=, XAU=, ETH.CM=, .SPX,
Keywords: solana/usd coin metrics, bitcoin, nasdaq 100 index, silvergate capital corp, s&p 500 index, signature bank, economy, markets, gold / us dollar spot, business news, internet, technology, svb financial group, ethereum/usd coin metrics, meta platforms inc, bitcoin/usd coin metrics, u.s. economy, digital currency, cryptocurrency,