As the turmoil in traditional banking drives some investors to turn to digital assets, the biggest cryptocurrency, Bitcoin surpassed $28,000 for the first time since June 2022.
Bitcoin's market value fell 1.8% to $27,549 after hitting its highest since June last year, on Sunday at $28,474 .
It rose 26% last week and is up more than 35% in ten days as turmoil in the banking sector has sent shockwaves around the globe — beginning with the collapse of Silicon Valley Bank and culminating, so far, in UBS’ takeover of Credit Suisse at a discount over the weekend.
Ethereum, the second-biggest cryptocurrency, also rose to a seven-month high of $1,846.50 on Sunday and was last at $1,768.