The ongoing Bitcoin rally is driven by the recent US banking crisis
The price of the world's largest cryptocurrency has so far peaked at $26,533 on the Bitstamp exchange. The recent banking crisis in the US has helped to increase Bitcoin's price as it is being seen as a safe haven asset. Silicon Valley Bank's recent collapse has been likened to the 2013 Cyprus crisis, underscoring the benefits of decentralized and censorship-resistant Bitcoin.
On Friday, regulators also seized Signature Bank, which marked the third-biggest banking failure in U.S. history.
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