Crypto Market Booms Despite Banking Crisis: Bitcoin Leads the Way
The cryptocurrency industry and Bitcoin (BTC) appear to be unfazed by the recent financial crisis, which has resulted in the collapse of several banking giants and put others at risk.
Despite the uncertainty in the banking sector, both the cryptocurrency market and Bitcoin have recorded gains. Several banking institutions, related to the cryptocurrency sector, have been facing extreme pressure and are waiting for a government bailout.
Over the past seven days, the cryptocurrency market has received an influx of $144 billion, increasing from $970 billion to $1.14 trillion. During the same period, the price of Bitcoin (BTC) rose over 35%.
Investors seeking refuge from institutional uncertainty have increasingly turned towards crypto exchanges to purchase Bitcoin and Ethereum (ETH) en masse.
During this time of financial instability, many prominent traders and analysts are advising people to buy safe-haven assets like gold and Bitcoin. One of them is popular author Robert Kiyosaki, the investor who predicted the 2008 mortgage crisis and recently advised his followers to buy Bitcoin, gold, and silver.
Galaxy Digital CEO Mike Novogratz also believes that investing in crypto during this period of uncertainty is a smart move as we are moving closer to recession.
Tim Draper also shared his views on the market with his extremely bullish outlook, stating that the flagship cryptocurrency will reach $250,000.
At the time of writing, Bitcoin was changing hands at $26,690, indicating an increase of 7.7% in the last 24 hours and accumulated weekly gains of 34.25%.
Some crypto experts believe that a massive multi-month rally could be in store for Bitcoin. However, the possibility of a deep correction and/or sideways consolidation still exists without invalidating the bullish market structure.