Bitcoin cryptocurrency shows dynamics that happen once in a decade

The fact that the price of bitcoin is at an 11-month high despite the weakened macroeconomic scenario shows a complete reversal in the dynamics of the crypto market after the bear run of 2022.

For a long time, the flagship digital asset has been showing uncharacteristic behavior. Currently, the big whales have started accumulating coin again, and wallets that have been inactive for a long time have become active again. This conclusion was reached by Web3 industry expert Nick Carter.

The expert emphasized that the main trigger for the current growth of bitcoin was the development of the banking crisis in the United States. Earlier, the analyst claimed that the collapse of Silvergate Bank and Silicon Valley Bank laid the foundation for the stagnation of the credit sector. This time, the victim of circumstances was First Republic Bank, which faced liquidity problems. If the government does not intervene in the current situation, the organization is likely to face bankruptcy.

Nick Carter noted: «The fact that bitcoin is growing rapidly amidst news of bank failures is truly a unique phenomenon that happens once in a decade.»

At the moment, investors are focused on the Fed meeting to be held on May 2−3 this year. Following the meeting, the US regulator will decide on a potential key rate hike.