He expects bitcoin can hit $45,000 by year's end, with liquidity from central banks finding its way into crypto assets, much as it did during 2021, when bitcoin scaled record highs. The U.S. Federal Reserve on Sunday said it and other big central banks would deepen liquidity by increasing the frequency of dollar supply operations into financial markets. Ether, the second-biggest cryptocurrency, rose to a seven-month high of $1,846.50 on Sunday and was last at $1,768. (Reporting by Georgina Lee; Editing by Christian Schmollinger)
By Georgina Lee
HONG KONG, March 20 (Reuters) - Bitcoin hovered near
nine-month highs on Monday, and has closed out its best week in
four years as turmoil in traditional banking drives some
investors to turn to digital assets.
The biggest cryptocurrency by market value fell 1.8% in Asia
hours to $27,549 after hitting its highest since June 12 on
Sunday at $28,474 .
It rose 26% last week and is up more than 35% in ten days as
turmoil in the banking sector has rippled around the globe --
beginning with the collapse of Silicon Valley Bank and
culminating, so far, in UBS' takeover of Credit Suisse at a
discount over the weekend.
"The momentum is all driven by liquidity, as bitcoin is an
alternative liquidity vehicle," said Markus Thielson, head of
research and strategy at digital asset financial services firm
Matrixport based in Singapore.
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