Following a slow start in March, Bitcoin is surging back up in the midst of a major worldwide banking crisis.
At this time of writing, Bitcoin is trading at $25,848 — up by over 6% in the previous 24 hours. This recent surge confirms that 2023 continues to be a profitable year for BTC holders. Overall, the asset grew by 51% since December 31st.
Meanwhile, Ethereum, the second-largest cryptocurrency, fell 0.26% to $1,790.14 following comments from the US Securities and Exchange Commission (SEC) President, Gary Gensler.
Speaking at a Senate Banking Committee hearing, Gensler suggested that Ethereum may be a security and could fall under SEC regulations.
This statement sparked concerns among investors, causing the price of Ethereum to drop.
Bitcoin Proving To Be An Asset Against Fiat-Currency Crisis?
The euro banking crisis, which has been ongoing for several weeks, has been a major concern for investors in Europe and around the world.
The stability of Bitcoin and other cryptocurrencies in the face of economic turmoil has been a major topic of discussion in the crypto community.
Some analysts believe that cryptocurrencies could serve as a hedge against inflation and economic instability, while others argue that they are too volatile and risky for most investors.
Despite the ongoing debate, Bitcoin and other cryptocurrencies continue to attract interest from investors around the world.
The adoption of blockchain technology, the underlying technology behind cryptocurrencies, has also been gaining momentum in recent years, with many industries exploring its potential applications.
The fact that Bitcoin has remained stable above $25,000 amidst recent economic uncertainty is a positive sign for the crypto market. This stability suggests that cryptocurrencies may be becoming a more established asset class and gaining wider recognition as a viable investment option.