Bitcoin hits a nine-month high as banking sector turmoil adds to rally that has seen the leading crypto rocket 70% since the start of 2023.

Bitcoin has rallied to its highest price in nine months in the wake of the ongoing banking turmoil in the US and Europe.

The world's biggest and most well-known cryptocurrency soared to $28,554 yesterday, the highest since mid-June last year, but was down 0.3 per cent for the day to $28,085 on Tuesday afternoon.

The latest rally leaves bitcoin up 70 per cent since the start of the year and 40 per cent higher than its most recent low of $20,195 on 11 March.

Other cryptocurrencies have also recovered ground, with Ethereum rising by around 50 per cent since the start of the year and Binance Coin up by around 35 per cent. 

The recent surge follows a bad year for bitcoin in which the cryptocurrency followed the rout of tech stocks, plunging below $16,000 in the wake of the collapse of cryptocurrency exchange FTX in November.

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Bitcoin hits a nine-month high as banking sector turmoil adds to rally that has seen the leading cry

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Bitcoin hits a nine-month high as banking sector turmoil adds to rally that has seen the leading crypto rocket 70% since the start of 2023.

Bitcoin has rallied to its highest price in nine months in the wake of the ongoing banking turmoil in the US and Europe.

The world's biggest and most well-known cryptocurrency soared to $28,554 yesterday, the highest since mid-June last year, but was down 0.3 per cent for the day to $28,085 on Tuesday afternoon.

The latest rally leaves bitcoin up 70 per cent since the start of the year and 40 per cent higher than its most recent low of $20,195 on 11 March.

Other cryptocurrencies have also recovered ground, with Ethereum rising by around 50 per cent since the start of the year and Binance Coin up by around 35 per cent.

The recent surge follows a bad year for bitcoin in which the cryptocurrency followed the rout of tech stocks, plunging below $16,000 in the wake of the collapse of cryptocurrency exchange FTX in November.

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