Bitcoin (BTC) Price Climbs Past $28,000 For the First Time In 9 Months

Bitcoin (BTC) Price Climbs Past $28,000 For the First Time In 9 Months

written by John Murphy | March 20, 2023

Bitcoin’s (BTC) price climbs and it set a new all-time high by climbing past $28,000 for the first time in 9 months. The world’s largest cryptocurrency has been on a bull run for the past few months.

The price increase is the growing demand for BTC from institutional investors. Companies like MicroStrategy and Square have been buying large amounts of BTC, with the former buying over $1 billion worth of cryptocurrency.

Bitcoin (BTC), the world’s largest cryptocurrency, appears to be on a very strong footing, surpassing $28,000 for the first time since June 2022 on Sunday, March 19.

However, there has been a partial decline from yesterday’s peak, with BTC currently trading at $27,502, giving him a market cap of $531 billion.  

The surge in BTC’s price has also been driven by increased retail demand. Retail investors have been buying BTC in large amounts as they see it as a hedge against the economic uncertainties caused by the COVID-19 pandemic. The pandemic has caused significant disruptions in global economies, and many people have turned to BTC as a haven asset.

The future of BTC’s price is uncertain, but many analysts believe it has significant upside potential. 

Despite BTC’s surge in price, there are still concerns about its volatility and the lack of regulation in the cryptocurrency market. Governments around the world still grappling with how to regulate cryptocurrencies, and there are concerns that BTC’s price could be manipulated by large investors.

BTC’s price has surged past $28,000 for the first time in 9 months, driven by increasing demand from institutional investors, retail investors, and the weakening of the US dollar. The mainstream acceptance of BTC has also driven up its price, and many analysts believe that it has significant upside potential. 

As Zerohedge Tweeted;

If the FED doesn’t contain the collapse of the local banks, we’ll have another Great Depression.

Small and medium-sized banks account for 50% of US commercial and industrial lending, 60% of residential real estate lending, 80% of commercial real estate lending, and 45% of consumer lending. 

Despite this imminent crisis, bitcoin has emerged as an investor hope, as its price rose more than 25% last week. Last week, the FED announced its $300 billion capital injection, reversing its six-month effort to tighten monetary policy. The Fed’s return to QE this week will bring a fresh injection of liquidity, which means even higher inflation. 

Will Bitcoin Be The Savior Of This Banking Crisis? 

By its very nature, Bitcoin seeks to protect investors’ wealth from the endless printing of money by central banks and prevent wealth erosion. Balaji believes Bitcoin will drive a new financial world order and has proven to be a strong bet on central bank actions.  

According to Balaji’s recent Tweet;

The world used to run on money. It will soon be up and running again with Digital Gold. 

As we can see from historical trends, Bitcoin’s performance over the past week has set the tone for the start of a new bull market.