As numerous banking institutions around the world face potential closure, investors appear to be flocking back to Bitcoin. BTC is now at a 9-month high and is trading at $28,282.88.
Values have not been in this neighborhood since June of last year.
Over the past seven days, the trading price of BTC rose from $22,470 to $28,282. That’s a growth of over 28% in a calendar week’s time and represents exactly why investing in Bitcoin is luring.
Timing the market is key. Now that prices are soaring, you may want to check your Bitcoin betting balance at online sportsbooks if that is how your deposits were made.
The reason? The value of BTC and any other cryptocurrencies that are deposited at offshore sportsbook sites will ebb and flow with market prices.
Any Bitcoin that was deposited over the last 9 months should reflect the latest 28% bump.
Will Bitcoin Values Continue To Rise?
On November 9, 2021, BTC achieved its all-time high value of $66,935. Cryptocurrency investors that believe it will once again rise to and potentially exceed its ATH should have no issue with buying in at the current value.
As traditional banking institutions begin to topple, consumer confidence is crumbling. Portfolios around the globe are beginning to fill with crypto assets as their stability exceeds that of government-backed money markets.
That’s good news for BTC. As the standard-bearer for cryptocurrency, the altcoin markets tend to reflect the movement of BTC. That’s not been the case over the last few days, as other coins have not seen similar gains.
For example, Cardano, Ethereum, and Dogecoin are all trending downward as of this writing.
This phenomenon is also likely due to market uncertainty. Wallet holders want to place their money behind a coin that will retain its value and are less inclined to make a risky investment.
BTC: To Buy Or Not To Buy
As more global banks begin to rely on emergency loans and continue to operate on life support, it becomes incredibly difficult to put your assets behind anything less than a guarantee.
In an environment where iron-clad returns on US bonds are coming into question, BTC (and its lack of government regulation) is becoming more attractive.
There’s also the brand name of Bitcoin, which rivals cryptocurrency as a household word in the United States. Awareness causes comfort when getting behind something financially.
Bitcoin has proven resilient in the past when banks needed the support of financial stimulus to stay afloat. The 2021 ATH came amid similar banking circumstances around the world.
“[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…”
Tony Sycamore – IG Markets Analyst
As more financial institutions show signs of failing, we expect the upward trend of BTC to continue. The largest short-term gains may have already been achieved, but we still suggest getting in the game now.