Bank failures in the United States exposed the limits of fractional reserve banking and spurred investment in Bitcoin (BTC).
American investors are leading the way in investing in Bitcoin as a safe haven asset, according to an analysis by cryptocurrency service provider Matrixport. Bitcoin has risen more than 40% over the past 10 days, surpassing the $28,000 mark for the first time in nine months.
“Bitcoin has risen 44% since the March 10 drop. The 31% rise was during US trading hours, indicating that Americans are actively buying bitcoin.” In a letter to clients, Markus Thielen, head of research and strategy at Matrixport, added that the stress in the banking sector is not over.
Bitcoin can be traded 24 hours a day, 365 days a year. Prices change on a 24-hour cycle depending on news developments and macroeconomic data releases.
Recent news has centered on problems in the US banking sector, which has lowered expectations of interest rate hikes. And this is the reason why Bitcoin is rising during US trading hours.
According to Matrixport, US trading hours have been the bulk of the bullish pressure since the beginning of the year.
“Bitcoin is up 66% year-to-date, up 47% during US trading hours. It was up only 16% during Asian trading hours. Only 3% up,” Thielen said.
|Translation: coindesk JAPAN
|Editing: Takayuki Masuda
|Image: Matrixport
|Original: Bitcoin’s Price Rally Driven by Americans’ Safe Haven Bid: Matrixport
Bitcoin Rise, Driven by American “Investment in Safe Assets”: Report | coindesk JAPAN | Coindesk Japan appeared first on Our Bitcoin News.
