Bitcoin continues rising, bank shares volatile, AI coin climbs again
Crypto continues to do very well during the banking crisis of 2023 and Bitcoin may not make the front page at the moment (simply because the merger of UBS and Credit Suisse is a bigger story), as an investor you better make sure that at least some of your portfolio is into crypto these last few weeks.
AI coins, which were all the hype in February, are also doing very well these past few days.
Banks help Bitcoin
On Sunday, we published an article predicting Bitcoin could go to $30,000 this week thanks to the Federal Reserve. It almost hit that level on Monday (Bitcoin rose to $28,500 when European markets opened) and today the largest digital coin could easily reach it as well. Analysts are now looking at $32,000 as the next target.
The banking industry right now pic.twitter.com/pEg1DZhVyW— Wall Street Memes (@wallstmemes) March 16, 2023
The problems in the banking sector are driving some investors to switch to digital currencies. Since the bankruptcy of Silicon Valley Bank two weeks ago, Bitcoin had one of its best period of the past four years.
The rise of Bitcoin is also due to the growing expectation among investors that the central banks (the European Central Bank or the ECB, the Federal Reserve or the Fed and the Bank of England) of the Western World will have to pause their rate hikes to prevent regional banks from getting into further trouble.
2017: Credit Suisse $CS CEO says #Bitcoin at $7,000 is "the very definition of a bubble".— Bitcoin Magazine (@BitcoinMagazine) March 20, 2023
2023: #BTC is pumping past $28,000 while his bank is failing ☠️ pic.twitter.com/QGycNmt2p1
Bitcoin’s stunning rally is the result of the banking crisis, and as the interest rate markets prices in rate cuts in the second half of 2023.
Said Tony Sycamore, an analyst at IG Markets, who is now predicting a move towards $32,000 if the biggest digital currency is able to hold above the key support level of $25,000 in the coming days.
Yesterday we talked about singularity because the AI tool we track made a new price prediction for Bitcoin and because Elon Musk tweeted about it this weekend.
The small SingularityNET coin that we covered earlier this year has also been one of the absolute winners in the last week and although we must warn of volatility, it seems to be reaching its beginning of February level when all AI coins were the big hype.
mdkhalil1 / Depositphotos.com