Bitcoin is seeing its best three-day performance since October 2019, as the collapse of three U.S. banks in a week fueled some investors’ hope that the Federal Reserve may have to take a less aggressive approach with its interest rate hikes.
The largest cryptocurrency BTCUSD on Tuesday climbed to its highest level since June 2022, up 8% over the past 24 hours and up 30% over the past three days, according to CoinDesk data. Read: Banking-industry jitters could mean more pain for stocks as the Fed’s battle with inflation is dragged out For the past few years, bitcoin has been traded mostly as a risky asset and often in tandem with U.S. stocks. However, crypto’s recent outperformance over stocks might point to a potential shift in the narrative around the cryptocurrency, which is decentralized and has a maximum supply of 21 million, market participants said.
Still, Mina Tadrus, chief executive at Tadrus Capital, said he thinks the recent upswing is simply part of crypto’s natural volatility.
Sorry, can't talk now.
Yes, bitcoin did it today🫵
🤣😂
Bitcoin is Fire 🔥