with the government changing the law so shareholders were not required to vote on and approve the deal.
The deal also wiped out $17 billion of additional tier 1 bond holders in an unprecedented move, given that equity holders were not fully wiped out in the deal., bitcoin has surged 42%, and it's up 63% from its mid-November low of about $15,500. "The strengthening correlation between bitcoin and gold, coupled with the ongoing banking crisis, suggests that some investors may be turning to bitcoin as an alternative investment,"Fundstrat's Tom Lee said bitcoin's strong outperformance so far in 2023 is a testament to its"outright resiliency," especially when you consider the recent failures of FTX, Signature Bank, and Silvergate Capital.
"Despite this bitcoin is seeing accelerated gains. If this does not speak to the protocols resilience, I am not sure what does," Lee said on Monday. He recommended investors stay overweight the cryptocurrency.Katie Stockton is waiting for more signs of support above the $25,000 level before turning more bullish on bitcoin.
"A breakout would require consecutive weekly 'closes' above resistance and would complete a basing phase in a bullish long-term development. Next resistance is a nearby zone of $27,300 to $28,200... We would await confirmation before assuming a more bullish bias," Stockton told Insider on Friday.
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