In the USA, another round of the banking crisis suddenly began, the victim of which was First Republic Bank. Literally within a day, the bank’s stock quotes collapsed by 50%, and the organization itself faced obvious liquidity problems. This provoked a wave of panic among depositors who withdrew at least $100 billion.
According to experts of the Bitcoinist publication, bitcoin has extracted its dividends against the background of these events. A few days ago, the dominance of sellers in market conditions was not in doubt. However, the flagship of the crypto market promptly stopped the previous losses and quickly recovered to $29 thousand. Bitcoin quotes have soared by 8% in a day and show a tendency to further growth.
Experts have noticed that the direct correlation between bitcoin and gold has been steadily growing since March of this year. Moreover, this indicator has reached another historical extreme at 57%. However, now there is a steady trend that investors prefer to invest in Bitcoin to a greater extent due to its increased profitability.
The current situation suggests that retail and institutional investors consider bitcoin as a viable alternative to the traditional financial sector.
