Bitcoin’s price increased by 30% last week to close at $28,000, while the overall market capitalization of cryptocurrencies increased by 14% over the course of the week to $1.17 trillion, according to CoinMarketCap, making it the biggest week ever for cryptocurrencies in the longest time.
UBS Group, the largest bank in Switzerland, signed a merger agreement with Credit Suisse. In order to complete the transaction, the former will pay $3.25 billion, which is 60% less than what Credit Suisse was worth at the end of the previous week. Positively impacted by the news, Bitcoin surpassed $28,500 for the first price since June 2022.
The fundamental set-up of Bitcoin has always included a bias for it to increase and Rekt Capital, a cryptocurrency analyst, highlighted the recent rising pattern by showing how Bitcoin has broken the macro decline and repeated history.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-has-broken-the-macro-downtrend-surging-above-27k-as-history-repeats-itself/