An eventful March of bank failures, ongoing inflationary and other macroeconomic concerns left investors mulling where to place their trust – and cash. But bitcoin benefited to recently trade at about $28,5K, up 21% for the month. _jocelynyang_ reports
An eventful March of bank failures, ongoing inflationary and other macroeconomic headwinds left investors mulling where to place their trust – and cash – and ultimately proved favorable for bitcoin and other cryptos considered stores of value impervious to turmoil.
“The macro landscape has been extremely constructive for 'alternative money' in March,” Greg Magadini, director of derivatives at crypto analytics firm Amberdata, told CoinDesk in an email, adding that both BTC and gold, traditionally viewed as safe-haven assets, had seen “explosive upside volatility” this month.
“BTC is exploding higher,” he said. “This rush into ‘alternative money’ shows some panic around purely holding USD.”
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