Bitcoin Bucks High Inflation and Banking Chaos
The recent turmoil causing problems in the banking sector as well as inflation has propelled Bitcoin to levels that it has not seen in several months.
The biggest cryptocurrency asset was valued at over $28,000 since June. It was trading for $28,258 as of this past Sunday. Moreover, other notable cryptocurrencies were doing well. Ethereum’s evaluation was up about 17% since the beginning of the previous week. Other Altcoins like Cardano and Solana were making big inroads too.
Up-To-Date Cryptocurrency Information
Additionally, here’s some more up-to-date information about this cryptocurrency that sets the benchmark for others. Bitcoin rose 2.96% in the last 24-hour period. That means this digital asset posted a weekly gain of 23.24%. This information comes from CoinMarketCap data.
One of the biggest influences behind Bitcoin’s large gains is the overall concern about the economic landscape in the US.
Kadan Stadelmann is the chief technical officer of the blockchain infrastructure development firm Komodo. He spoke to Yahoo Finance recently.
The Federal Reserve
“The Federal Reserve set out on a quantitative easing program, cut the minimum bank reserves from 10% to 0% on March 26, 2020,” he writes. “That caused the current situation with inflation. As a result, people are looking for alternative ways to look after their wealth. Bitcoin has become an option.”
Some other notable publications on cryptocurrency mention the upside of the bank problems for digital assets. CoinDesk reports that the present financial atmosphere is a perfect way for cryptocurrency and blockchain to gain ground.
A Delinked Alternative
“This is an excellent way for Ethereum, Bitcoin, and the decentralized financial system to stand up as an alternative. This option is delinked from the traditional centralized banking system.” Analysts Gautam Chhugani and Manas Agrawal wrote in the publication.
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