Bitcoin's notable rise amid the backdrop of failing US banks continues, with the top cryptocurrency now breaking the $26,000 level.
The rapid rise of BTC motivated $320 million in liquidations in the last 24 hours, as traders who bet on crypto markets would drop out of the race to cover their positions.
Just five days ago, BTC hit a low of $19,662 amid the bankruptcy of Silvergate, a crypto-friendly bank that cited pressure from regulators as a key reason for its collapse.
Fast forward to today, where it is now clear that America's own regional banking system is in trouble, with the sudden closure of Silicon Valley Bank reverberating around the world.
SVB went bankrupt after revealing it lost $1.8bn selling mainly US bonds whose value plunged due to repeated Fed rate hikes.
The news triggered a bank run and highlighted the reason Bitcoin was created: to offer people around the world an alternative to banking.
Bitcoin is an open network that allows anyone to join and validate transactions. It offers people a way to directly and instantly send their capital anywhere in the world in the form of a BTC digital asset, without the need for a bank or intermediary.
Bitcoin is backed by users who continue to adopt the network in exponential numbers, featuring a peak supply of 21 million coins at a time when most governments have engaged in seemingly endless cycles of money printing and inflation.
Bitcoin is worth $25,925 at press time, up 6.6% in the last 24 hours.
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