The Bitcoin (BTC) market has gained more popularity following the collapse of three United States banks in the past few weeks. The top digital asset by market capitalization has gained over 20 percent in the last five days to trade around $24.3k during the early London trading session. As more investors lose faith in the traditional banking sector, the Bitcoin market continues to register high inflows.
According to a famous economist on Twitter ‘Balaji’, banks are failing due to the Fed’s continued hike in interest rates. Moreover, Balaji noted that banks purchased treasury bonds amid interest hikes in the past year.
Source: https://coinpedia.org/bitcoin/can-bitcoin-price-flip-25k-ahead-of-todays-cpi-data-heres-what-to-expect/