This weekend, Bitcoin (BTC) topped $28,000 for the first time since the summer of 2022. After a particularly rocky weekend for traditional finance, and fears related to the collapse of several banks, the Will cryptocurrency come back in force? Update on a new context.
Stock markets continue to fall this morning, against a backdrop of banking crisis
We explained to you this morning that the Swiss government, the Swiss Central Bank and several major players in the banking world managed to save Credit Suisse in extremis… Or at least to support its integration with its rival UBS with the blows of billions of Swiss francs. The signal sent is strong, and aimed to reassure the world stock markets, worried about a new domino falling in this banking crisis which has spread.
But that hasn’t been enough so far. This morning, Asian markets were in the red : the Nikkei closed its session down sharply by -1.42%, while the Hang Seng lost -3.25%. In France, the CAC 40 also fell sharply at the opening this morning. It had already fallen more than 4% last week. For the moment, the signals sent are therefore not particularly positive, even if the coming hours will allow us to learn more about the apparent reluctance of the world stock markets.
Another sign of this strong concern, six central banks, including the US Federal Reserve (Fed) and the European Central Bank (ECB), have coordinated action to support the dollar. This exceptional measure illustrates the fear that gripped the global financial system faced with the consecutive falls of major banks.
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Bitcoin (BTC) and other cryptocurrencies are growing strongly
It is usual in the cryptocurrency sector: when the stock markets fall, so do the cryptocurrencies. But it seems that is not the case this time around. This weekend, while the financial markets waited with fear for the opening of the Stock Exchanges, Bitcoin (BTC) has had the luxury of exceeding $28,000. A breakthrough that he has just reiterated this morning:
Bitcoin (BTC) price picks up up this morning
Other cryptocurrencies also seem to benefit from this increase – at least over a longer period of time. Over the week, Ethereum’s ETH offers a nice +12%Binance’s BNB is up +17%, and Solana’s SOL shows a similar increase around +14%.
Some therefore already see proof that cryptocurrencies are finding their place of refuge, faced with a faltering banking system, and central banks that are artificially supporting a struggling dollar. Will this be the case? After the setbacks of the stablecoin sector, and some centralized players, Bitcoin and Ether seem to be a viable alternative for some.
As analyst Tagado pointed out a few days ago, the dynamics at play could push BTC back above the psychological threshold of $30,000. But we will remain cautious: the complex links between cryptocurrencies and traditional finance are not only played on stock market indices.
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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