Hello dear friends and readers, the Bitcoin price action is still riding on the $27,000 level, and many are the hypotheses about what was the trigger that induced such a masterful recovery that the BTC has had in the last week, in this sense with this post I will be sharing some views on what probably may be happening.
The truth is, the masterful rally that has developed the Bitcoin price action came after the bankruptcy and closure of Silvergate crypto financial institution, which was chained with the collapse of Silicon Valley Bank.
The bankruptcy of Silvergate was a major setback for the entire cryptocurrency market, now and despite the fact that the fear of a major banking disaster has not disappeared, in the case of the price of Bitcoin in the last 7 days has not only soared but has soared over a majestic and over 30%.
According to experts, this masterful recovery of the Bitcoin price above $27,000 has allowed many to wonder if Bitcoin has returned to its own course, this if we recall that last year the BTC price action presented a high correlation with the traditional market specifically with the S&P 500 index.
Other assertions that have emerged among experts, is that the problems in the traditional banking sector have shown that keeping money in banks also entails some risk, and there investors are inclined to bet on cryptocurrencies such as Bitcoin.
SOURCES CONSULTED
ElConfidencial The schizophrenia of bitcoin: why it breaks its ceiling in the week of the banking panic. Link
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