What’s behind bitcoin’s latest surge?

The original and biggest cryptocurrency has been here before, its 15-year history peppered with dramatic price increases and equally vertiginous drops. Fueling the gains: interest rates.

Other factors are at play, too, from turmoil in the banking sector to enduring hopes - still unfulfilled - that bitcoin can achieve wide usage as a form of payment.As the collapse of U.S. lenders Silicon Valley Bank and Signature Bank helped to triggered the takeover on Sunday of 167-year-old Credit Suisse by rival UBS, claims that bitcoin is an asset immune to risks in traditional finance have gained traction.

Indeed, bitcoin investment products, favored by larger investors, saw outflows of $113 million last week, according to digital asset manager CoinShares, which ascribed the moves to a scramble for liquidity during chaos in the banking sector.In the past, too, dramatic price swings for bitcoin have been closely tied to shifts in monetary policy globally.

Yet as signs of runaway inflation late in 2021 forced central banks and governments to curb stimulus packages, bitcoin slumped by more than half from its record high of $69,000 in just 75 days as rates began to rise.

Cyber currency should be banned. It will destabilize the financial system.

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