The top crypto currency was trading at $28,063, a 2.4 per cent rise during the past 24 hours

Bitcoin’s price soared on March 19 to exceed the $28,000 level, marking a 16 per cent jump in value during the past seven days, as per Cointelegraph’s MarketPro data.

At one time, the top crypto currency was trading at $28,063, a 2.4 per cent rise during the past 24 hours. The price hit $28,459 at its highest point during the day before trading at $26,877 during the day’s low.

Overall this week, Bitcoin has advanced more than 37 per cent against the U.S. dollar. Bitcoin’s market capitalization gained $194b this year, representing a 66 per cent rise year-to-date (ytd), surpassing Wall Street banks stocks, mainly with concerns of a global banking crisis growing. Bitcoin is nearly 65 per cent higher so far in 2023, compared with the S&P 500’s 2.5 per cent rise and Nasdaq’s 15 per cent drop in 2023.

US bank valuations have tumbled amid the ongoing concern around regional banks in the country following last week’s developments, including the Silvergate’s shutdown, followed by regulators’ takeover of Signature Bank and Silicon Valley Bank.

In Europe, Credit Suisse was bought by UBS Group for around $2b earlier during the day as part of emergency plans led by Swiss authorities to maintain the nation’s financial stability. As part of the agreement, the Swiss National Bank committed to providing more than $100b in liquidity to USB.

The $2b deal represents a significant markdown under Credit Suisse’s market value on March 17 of approximately $8b, as per data from Companies Market Cap.

An imminent global banking crisis could take Bitcoin to $1m in less than 90 days, former Coinbase CTO Balaji Srinivasan claimed on Twitter. As per Srinivasan’s prediction, a U.S. banking crisis would spark a hyperinflation scenario leading to the seven-digit Bitcoin price. Srinivasan is betting $2m on Twitter on his outlook of the U.S. economy’s future, as well as probable effects on Bitcoin’s value.