Bitcoin Soars Beyond $28K as Banks Collapse: Crypto Reviving in ’19-Style
• Bitcoin is up beyond the $28,000 per unit mark due to the banking sector’s current situation.
• 2018 and 2022 have been rough for Bitcoin due to its market cap dropping substantially, yet it has been able to make a comeback in 2019 and 2023.
• Banks such as Silvergate, Signature and Silicon Valley Bank have gone under or announced plans to be liquidated while Credit Suisse was bought out by UBS, which appears to have worked well for bitcoin’s rise.
Bitcoin Surges Beyond $28K
Bitcoin has recently surged beyond the $28,000 per unit mark due to the current situation in the banking sector. This marks a major increase from June of 2022 when it was at its previous all-time high.
Recent Years Have Been Difficult For Bitcoin
The past few years have been difficult for bitcoin due to its market cap dropping substantially. In 2018, it dropped from nearly $20K per unit to mid-$3,000 range; by the end of 2019 however it had recovered much of its losses back up into the mid-$7,000 range. The following year (2022) saw an even greater decrease as bitcoin lost more than 70 percent of its worth over just 11 or 12 months with it eventually trading in the mid-$16K range by December 2021 .
Major Banks Falling
In recent times we’ve seen three major financial institutions (Silvergate, Signature and Silicon Valley Bank) go under or announce plans for liquidation. While this could have potentially been disastrous for bitcoin’s growth, Credit Suisse being bought out by UBS appears to have worked favorably instead allowing BTC prices to surge beyond $28K within 24 hours .
2019 Was A Year Of Recovery
2019 was a year of recovery for bitcoin as it rose about 50 percent higher than where it ended 2018 (mid-$7K). This momentum continued into 2021 when BTC reached an all-time high of nearly $68K per unit in November before beginning its descent once again in 2022.
Although 2018 and 2022 were undoubtedly tough years on record for Bitcoin with its price dropping significantly both times ,the asset has managed consistently bounce back each time making significant gains since then including exceeding $28K recently – giving those who lost heavily during last year’s bear market a chance at earning their money back again .