Bitcoin is seeing its best three-day performance since October 2019, as the collapse of three banks in a week fueled some investor expectation that the...
Bitcoin is seeing its best three-day performance since October 2019, as the collapse of three U.S. banks in a week fueled some investors’ hope that the Federal Reserve may have to take a less aggressive approach with its interest rate hikes.
The largest cryptocurrency BTCUSD on Tuesday climbed to its highest level since June 2022, up 8% over the past 24 hours and up 30% over the past three days, according to CoinDesk data. Read: Banking-industry jitters could mean more pain for stocks as the Fed’s battle with inflation is dragged out For the past few years, bitcoin has been traded mostly as a risky asset and often in tandem with U.S. stocks. However, crypto’s recent outperformance over stocks might point to a potential shift in the narrative around the cryptocurrency, which is decentralized and has a maximum supply of 21 million, market participants said.
Still, Mina Tadrus, chief executive at Tadrus Capital, said he thinks the recent upswing is simply part of crypto’s natural volatility.
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