Experts Take On Sustainability Of Bitcoin Rally
By Laxmikant Khanvilkar
The cryptocurrency market remained upbeat in the month of March amid uncertainty in the global financial markets caused by the banking crisis in the United States.
The largest cryptocurrency, Bitcoin hit levels above $29,000, surged over 25% during the month. Other altcoins, such as Ethereum, Ripple, Cardano, BNB, and some others followed Bitcoin’s movement and experienced gains during the month. Some yielded negative returns as well.
Let’s understand from the experts we spoke to earlier in the day as to what led the gains in cryptocurrencies….
It was mainly the uncertainty around the U.S. Banking space. Three key Crypto-friendly lenders succumbed to bank run. Depositors pulled out almost $42 billion worth deposits in March causing the banks to file for bankruptcy protection.
Many investors turned to alternatives such as Bitcoin, gold, and real estate. The growing concerns about the safety of traditional assets have led to a “psychological awakening” in the Bitcoin community. Bitcoin is always seen as a store of value.
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