Logo of digital currency bitcoin.
London – The most famous cryptocurrency, Bitcoin, is strengthening today for the fourth day, reaching 26,533 dollars (about 588,000 CZK) in the afternoon, which is the highest since last June. According to analysts, it benefits from the chaos in global markets after the collapse of the American financial institutions Silicon Valley Bank (SVB) and Signature Bank. At the same time, the cryptocurrency exchange Binance announced that it is suspending deposits and withdrawals in British pounds.
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At around 14:30 CET, according to the specialized server CoinDesk, bitcoin gained about ten percent for the past day. On Sunday, the price of bitcoin rose by 7.6 percent and on Monday by another 9.1 percent.
Tensions in the banking sector strengthen the reasons for the US central bank (Fed) to back down from its intention to raise interest rates next week rates, analyst Noelle Acheson said. “Gold and Bitcoin are likely to benefit from the tension in the financial markets,” she added.
Paysafe, Binance's pound transfer partner, will cease its services from May 22, a spokesperson for the exchange said. “Binance will ensure that affected users can still access their sterling balances,” he added. According to him, the change affects less than one percent of Binance clients. According to him, the company is now trying to find an alternative solution for transfers in pounds.
Binance is the largest cryptocurrency exchange in the world and has more than 128 million clients. It briefly suspended dollar transactions in February.
Cryptocurrency prices fell sharply last year, analysts say, mainly because rising interest rates prompted investors to pull back in part from risky assets. A series of bankruptcies at major cryptocurrency firms, including the major FTX exchange, has caused significant losses to clients.
