Bitcoin's rise to $35,000 has helped restore its reputation in the investment world, as the rise of the world's largest cryptocurrency more than doubled compared to its price after last year's resounding crash, a major development at a time when stocks fell and bond yields rose.
With the US Federal Reserve intending to continue raising interest rates, and geopolitical tensions threatening financial stability, adding Bitcoin to portfolios could be a good way to diversify. The development is a significant change from last November when FTX went bankrupt—which sparked fraud charges that took its founder, Sam Bankman-Fried, to trial—it sent cryptocurrencies into a tailspin, with “Bitcoin” trading below $16,000.
Source (Bloomberg East Website, Edited)
