Best Crypto to Buy Now 20 March – LHINU, NEO, FGHT, STX, METRO, CCHG, TARO
Bitcoin experienced an increase of almost 2% earlier today as fears of an ongoing banking crisis swept the markets. This pushed the digital asset to hit its highest level in nine months at $28,569 before declining to the current level of $27,803, with a loss of 0.89% so far today.
Silicon Valley Bank's failure earlier this month started the current potential banking crisis, which has now culminated in Credit Suisse's acquisition by UBS. How does this current macroeconomic situation impact the best cryptos to buy today?
Traders watched closely today as bitcoin approached the crucial $30,000 level, assessing whether the banking crisis was contained or would spread. However, the cryptocurrency gave up its gains and turned negative afterward as markets seem to have stabilized for the moment.
Despite the retreat, bitcoin has emerged as a top choice as a decentralized currency in the midst of a possible banking crisis, offering benefits that traders have been talking about for some time.
With increasing bank failures and actions by governments and central banks to rebuild trust in the financial system, bitcoin is once again regaining recognition as a viable alternative investment option.
The recent takeover of Credit Suisse by UBS has highlighted the significance of the potential for decentralized currencies to offer an alternative to reactive and unstable central bank money printing. The Swiss financial regulator's decision to set the value of Credit Suisse bonds, worth a total of $17 billion, to zero, has outraged many bondholders.
The acquisition triggered a substantial increase in bitcoin's price, causing it to rise by 42% since the FDIC takeover of Silicon Valley Bank on March 10. BTC's price is currently standing at 63%
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