Bitcoin grew by almost 30% in just a week

According to CoinGecko, the value of the flagship cryptocurrency rose by 29.1% over the week. At the time of writing, BTC has risen above $ 26,000, trading at $ 26,274. The global market capitalization has also grown, rising by 4.4% in the past 24 hours, currently standing at $ 1.17 trillion.

In addition to BTC $56,457.80 Bitcoin -2.47% Market capitalization $1.11 trillion VOL. 24 hours $4.48 billion , quotes of other digital assets have also risen: ETH $2,981.34 Ethereum -4.50% Market capitalization $358.35 billion VOL. 24 hours $2.65 billion , MATIC $0.46 Polygon -8.45% Market capitalization $4.3 billion VOL. 24 hours $93.16 million , DOGE $0.10 Dogecoin -3.39% Market capitalization $15.14 billion VOL. 24 hours $0.27 billion The value of cryptocurrencies has risen sharply after the bankruptcy of three large banks: Silicon Valley Bank, Signature Bank, and Silvergate Bank). Against this backdrop, some analysts have begun to advise users to invest in digital assets, given that the traditional banking system is «not very reliable.»

«People are focusing on bitcoin again, with the number of messages about BTC at its highest level since July 2022. Massive discussions of bitcoin are a sign of fear in the market,» said representatives of the analytical company Santiment.

Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao, the chairman of the world’s largest cryptocurrency exchange, noted that the closure of digital asset-friendly banks could threaten stablecoins, whose rate is pegged to the underlying asset, such as the US dollar. The issuers of such tokens keep the assets backing the cryptocurrency in banks. For example, one of the clients of the closed Signature Bank was Circle, the issuer of the second largest USD Coin in terms of capitalization.

To support the sector, CZ announced earlier this week that the Binance Industry Recovery Initiative fund will convert $ 1 billion into BTC, BNB, and ETH, which has caused a sharp rise in the value of the flagship cryptocurrency and top altcoins. The Industry Recovery Initiative was launched last November to help restore the cryptocurrency market after the FTX crash.