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.
Bitcoin (BTC) was recently trading at around $28,500, up over 21% in March. At one point Wednesday, the largest cryptocurrency by market value broke the $29,100 mark to reach its highest mark since June 2022. BTC has widely outperformed the S&P 500, Nasdaq and other traditional assets. The tech-focused Nasdaq rose over 4% for the month.
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