Bitcoin briefly tops $28,000 for the first time in 9 months after bank crisis sparks weekend rally
Publishing timestamp: 2023-03-20 14:42:15
Summary
Bitcoin climbed past $28,000 over the weekend as investors rediscover its appeal as an alternative banking system. The weekend rally in bitcoin came amid continued turmoil in the global banking sector, with UBS agreeing to buy Credit Suisse for $3.2 billion. Bitcoin is coming off its best week since January 2021, while ether just posted its best weekly gain since August 2021. The two are up for the year by 67% and 46%, respectively. There are signals that bitcoin's price movement is beginning to decouple from stocks, and its correlation with the S&P 500 is now at its lowest since September 2021.
Sentiment: MIXED
Tickers: ETH.CM=, CSG.N-CH, BTC.CM=,
Keywords: credit suisse group ag, bitcoin/usd coin metrics, bitcoin, banks, ethereum/usd coin metrics, investment strategy, cryptocurrency, united states, technology, markets, business news,
Source: https://www.cnbc.com/2023/03/20/bitcoin-gains-26-billion-as-banking-crisis-sparks-rally.html