Bitcoin zooms 40% in less than 2 weeks! Is banking crisis fuelling crypto rally?

economictimes.indiatimes.com:

Silicon Valley Bank on 10th March 2023, Bitcoin prices have zoomed nearly 40%. «The current BTC rally is driven by the importance of decentralised finance in the global financial system after a series of bank collapses in the US. Bitcoin being the torch bearer of decentralised finance is witnessing a demand from retail and institutional investors amidst the banking chaos as BTC is being deployed as a shield against the ongoing crisis,» Dhruvil Shah, SVP of technology at Liminal, said. Meanwhile, Edul Patel, CEO and Co-Founder of Mudrex, said, «The collapse of SVB and Silvergate was like a Cyprus moment for crypto. As these crypto-friendly banks collapsed, much money flowed directly into the cryptocurrency ecosystem. And a chunk of the smart money usually flows into blue-chip cryptocurrencies, such as Bitcoin and Ethereum.» «With instability in the banking sector, inflation data that exceeded expectations, and renewed optimism about a dovish Federal Reserve, Bitcoin has reached levels unseen in approximately nine months,» Edul added.

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Since the collapse of various regional banks in the US and Europe, global equity markets remained under pressure. Nifty, since 10th March 2023, has declined nearly 4%, whereas Dow Jones remained flat during this time. However, Bitcoin outperformed other instruments. Rajagopal Menon, Vice President at WazirX, said, «Bitcoin has been rallying due to various reasons. First,