Highlights

Bitcoin rose 26% last week and is up more than 35% in ten days
Ethereum also saw a spike rising over 3%
Move comes as turmoil in traditional banking drives some investors to turn to digital assets

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Bitcoin nears 9-month high; what's driving the recent surge in price?

Name: Bitcoin nears 9-month high; what's driving the recent surge in price?
Uploaded: 2023-03-20T15:47:16.000+05:30
Duration: T00M40S
Channel: Editorji News Desk
Description: Bitcoin hovered near nine-month highs on Monday, and has closed out its best week in four years

Bitcoin hovered near nine-month highs on Monday, and has closed out its best week in four years

Updated: Sep 02, 2022 10:53

Editorji News Desk

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Bitcoin nears 9-month high; what's driving the recent surge in price?

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.