Bitcoin is trading around $27,000 throughout the day, altcoins also staying in the green.
Amid the volatility and many negative events, bitcoin price broke the $25,000 resistance and is firmly above the $27,000 region. Bitcoin rises while traditional markets fall.
Other cryptocurrencies followed suit, with Ethereum up 1% to trade at $1,768. Binance saw its BNB token rise 1.2% after announcing that Uniswap will be launched on the BNB Chain network.
See also: Uniswap V3 officially works on BNB Chain
Polygon’s MATIC is up 1.6% and Cardano’s ADA is up 1.3%.
Cryptocurrency-related stocks also rose throughout the day, boosted by a rise in equities as many banks in the US were struggling. Like a bank Credit Suisse secured a credit line worth 54 billion USD.
Shares of Coinbase have increased by about 5% at press time, according to TradingView data. Shares of MicroStrategy and TheBlock were also higher by 5.9% and 1.3%, respectively.
“Bitcoin price will hit new highs, as investors sell riskier investments and move into safer assets. Bitcoin is the safest right now,” said Markus Thielen, head of research at Matrixport.
In a recent tweet, famous investor Robert Kiyosaki also advised people to buy bitcoin at this time as it will help avoid an upcoming recession.
See also: Fed increases bank bailout, is bitcoin beneficial?