Why the banking crisis would be benefiting cryptocurrencies

Bitcoin approached $29,000 for the first time since June 2022, at the same time that Federal Reserve officials ended their meeting before announcing a 0.25 percentage point hike.

(See: Identity Fraud Doubled in Cryptocurrency and Banking.)

The largest digital currency in terms of market value rose 2.3% to $28,793 on the morning of this Wednesday, March 22.

Bitcoin is up about 70% through 2023.

(See: How much Colombians invest in cryptocurrencies and for what purpose).

Cryptocurrency prices have risen again in recent weeks amid the crisis in the financial sectors of the United States and Europe, in the one that succumbed three US banks and that led to the acquisition of Credit Suisse Group AG by UBS Group AG.

(See: Tips for buying digital currencies safely).

The defenders of the digital assets They say their sector benefits as investors realize tokens are out of reach for governments and a long way from any of the problems that occur with different lenders.

(See: Dollar: is it a good time to buy and invest with this currency?).

Bloomberg