Bitcoin, which has shown a strong performance since the beginning of 2023 and increased by about 70%, continues its horizontal movements at the level of $ 28,000.
While there were multiple catalysts for this rally in BTC, one of them was undoubtedly the banking crisis in the USA.
According to the news of Coindesk, the famous stock exchange Coinbase, which evaluated the impact of the banking crisis on BTC and crypto money markets, said that crypto markets and Bitcoin stood strong in the face of the latest crisis in the US banking system.
Stating that BTC has performed much better despite this crisis, Coinbase analysts David Duong and Brian Cubellis stated that BTC has outperformed other cryptocurrencies since mid-February.
It was also stated that BTC dominance increased from 43.9% to 47.7% in March relative to the total crypto market.
The following statements were included in the Coinabase report:
“Part of the rise in Bitcoin is that stress in the US banking system has strengthened BTC's store-of-value properties.
The fact that BTC essentially exists outside of the traditional financial system provides a hedge against the current challenging conditions.
Also, Bitcoin's correlation with the S&P 500 has dropped from a peak of 70% in May last year to 25% at the end of March."
*Not investment advice.