Bitcoin

Bitcoin&#39;s market value of $27,46 has increased by $194 billion in 2023. Its 66% year-to-date (YTD) performance beats top Wall Street bank equities, especially as concerns about a global financial crisis mount.Also, Bitcoin has decoupled from US stocks for the first time in a year, with its price climbing roughly 65% in 2023 vs 2.5% rises in the S&amp;amp;P 500 and a 15% decrease in the Nasdaq.According to data compiled by CompaniesMarketCap.com, the six major U.S. banks — JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Morgan Stanley, and Goldman Sachs — have lost about $100 billion in market valuation since the start of the year.Bank of America&#39;s stock is the poorest performer on Wall Street, with a nearly 17% year-to-date loss in valuation. Wells Fargo (9.74%), JPMorgan Chase (6.59%), Citi (3.62%), and Morgan Stanley (0.84%) trail with a YTD decrease of nearly 12%.Bank valuations in the United States have fallen as a result of the ongoing regional banking collapse in the United States. This includes the closure of Silvergate, a crypto-friendly bank, last week, followed by regulators&#39; subsequent takeovers of Signature Bank and Silicon Valley Bank.The crisis was exacerbated by First Republic Bank&#39;s near-collapse, which was averted at the last minute by a $30 billion combined injection from Wells Fargo, JPMorgan Chase, Bank of America, and Citigroup, among others.The surge of Bitcoin in the face of a developing US banking crisis is similar to how it reacted during Cyprus and Greece&#39;s banking crises.During the Cyprus financial crisis in 2013, the price of Bitcoin increased by up to 5,000% due to Cypriot banks&#39; exposure to overleveraged regional real-estate enterprises.The situation was so bad that Cypriot authorities closed all banks in March 2013 to prevent a bank run.When Greece experienced a similar crisis in 2015 and put capital limits on residents to prevent a bank run, the price of Bitcoin increased by 150%.&#34;Fears about the stability of the banking system, combined with declining real interest rates, creates a good environment for Bitcoin to rebound,&#34; said Ilan Solot, co-head of digital assets at London broker Marex, adding that the cryptocurrency &#34;is seen as a hedge against systemic risks by some investors.&#34;

Bitcoin Market Cap Grows 60% in 2023 as Top Wall Street Banks Lose $100B

ItsBitcoinWorld

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