Bitcoin rides banking sector chaos over the $28k mark

On Mar 20, 2023

The crypto market had seen a significant milestone amid the banking crisis as bitcoin (BTC) surged to new highs of $28,000, a price last seen in June 2022. The digital currency has also topped Goldman Sachs’ list of top-performing investment assets.

Bitcoin tops $28k

Investors and crypto enthusiasts have closely monitored bitcoin price charts as its value rose dramatically in recent weeks while anticipating it would break the $30,000 threshold.

Many crypto lovers have cited BTC prices’ reaction to the banking sector’s ongoing crisis after several banks’ collapse, including Silicon Valley Bank.

$GOLD is up ~10% and $BTC is up ~35% since Silicon Valley Bank went down last week
— RookieXBT 🧲 (@RookieXBT) March 17, 2023

Bitcoin has continued to be one of the year’s top gainers, reaching a market capitalization of around $444 billion, passing the likes of Visa in terms of market cap.

According to Aksel Chibar, a chartered market expert, Wall Street’s tech-heavy Nasdaq index surged 2.6% on March 16, confirming a positive daily chart time frame pattern.

Bitcoin moved more or less in line with the rate-sensitive technology equities that led the stock market.

Goldman Sachs ranked bitcoin as the best-performing asset

Banking giant Goldman Sachs ranked bitcoin as the best-performing asset in the world earlier in 2023.

This announcement happened as the cryptocurrency market continued to rebound from its losses from the previous year, partially caused by the collapse of FTX. Bitcoin increased by 38.21%, reaching $23,000 after falling to $16,547.

According to Binance, Goldman Sachs has taken notice of this rapid ascent and named bitcoin the best-performing asset of 2023.

The Goldman Sachs report, shared by Documenting Bitcoin on Jan 23. 2023, shows bitcoin’s year-to-date return at 27%. The banking giant also gave bitcoin a risk-adjusted ratio of 3.1, better than every asset covered, according to Binance.

Goldman Sachs further highlighted that bitcoin had outperformed the likes of the S&P 500, gold, real estate, and the Nasdaq 100.

The financial institution added that the closest asset to bitcoin is the MSCI emerging markets index, with a year-to-date return of 8%, a significant gap.

Credit: Source link