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InfoQuest – The price of bitcoin is moving near a 9-month high today (March 20) and is making its biggest gain in four years on a weekly basis. Due to the turbulence in the banking sector, some investors have moved to invest in digital assets instead.
The bitcoin value Cryptocurrency, the world’s largest cryptocurrency, dropped 1.8 percent to $27,549 per coin in Asian trading today. After hitting its highest since June 12 on Sunday, March 19 at $28,474 per coin.
The bitcoin price has surged 26% over the past week and has gained more than 35% over the past 10 days as banking turbulence has taken a toll on the world. From the Silicon Valley Bank (SVB) collapse to UBS (UBS) agreeing to take over credit Swiss prices are lower than they should have been yesterday.
“The driving force behind the price of bitcoin is liquidity. Bitcoin is an alternative liquidity tool,” said Marcus Thielson, head of research and strategy at Matrixport in Singapore.
Mr Thielson predicted that Bitcoin price might hit $45,000 per coin by the end of the year. Funds from central banks will move into crypto assets. This is similar to what happened in 2021, when the price of Bitcoin hit a record high.
Ether, the world’s second-largest cryptocurrency, It rose to a seven-month high of $1,846.50 per dollar yesterday. before slowing down to $1,768 per coin
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