Bitcoin Thrives in Chaos, Breaks Above $28,000 For First Time Since June

(Bloomberg) – Turmoil in the banking sector, hotter-than expected inflation data, and renewed hopes for a dovish Federal Reserve has Bitcoin reaching levels not seen in about nine months.Most Read from BloombergUBS to Buy Credit Suisse in $3.3 Billion Deal to End CrisisCredit Suisse’s $17 Billion of Risky Bonds Are Now WorthlessWarren Buffett in Contact With Biden Team on Banking CrisisCredit Suisse Said to Push Back Against UBS’s $1 Billion OfferSwitzerland Weighs Full or Partial Credit Suisse

Highlights

• Bitcoin’s price topped $28,000 for the first time since June 2022.
• Since the start of the year, Bitcoin’s price has risen almost 70%.
• Bitcoin bulls see the digital asset as a hedge against inflation, despite last year’s evidence to the contrary.
• It’s unclear how the central bank will respond to the conflicting signals at this week’s Fed meeting.
• The S&P 500 dropped 1.1% on Friday, but Bitcoin’s rise has dissipated this month as the correlation between the token and the S-P 500 dissipated.
• The largest digital asset is correlated with liquidity conditions and real rates, an analyst says.

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