LONDON: Top cryptocurrency bitcoin hit a nine-month high of $26,533 on Tuesday, in its fourth consecutive day of gains, as it appeared to benefit from chaos in global markets following last week’s collapse of Silicon Valley Bank.
Bitcoin rose to $26,533, up around 10 per cent on the day at its highest since June 2022. It gained 7.6pc on Sunday and 9.1pc on Monday.
As the Federal Reserve seeks to calm financial markets following the collapse of Silicon Valley Bank, the cryptocurrency market is showing signs of resilience despite links to the crisis.
Despite the huge fallout, USDC has recovered and crypto king bitcoin soared to a nine-month high. Clara Medalie at Kaiko, a digital asset data and information services provider, said: “The long-term concern is on the future of fiat banking partners for crypto companies. Silvergate and Signature were hugely important for crypto companies in the industry, and right now there remain no strong alternatives.”
Published in Dawn, March 15th, 2023
