Bitcoin hit its highest price in nine months on Friday. Investors moving their funds away from banks and adjusting to the rapidly changing interest rates have the biggest crypto sitting up 30% this week at around $27K.
Ether, the 2nd largest coin, rose 20% in the same period.
One expert commented on the fluctuation between banks and coins during turbulent times either, “Fears over the stability of the banking system, along with declining real interest rates, creates a good environment for bitcoin to rebound because it is seen by some investors as a hedge against systemic risks,” said Ilan Solot with London broker Marex.