Wharton Professor Jeremy Siegel on Monday shared insights that Bitcoin BTC/USD is “enjoying its biggest rally in a long time.” This comes at a time when the apex crypto breached $28,000 levels amid banking turmoil.
What Happened: Siegel argued that Bitcoin was launched keeping in mind the inevitable failure of the traditional banking system and the need for a viable alternative.
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“So, the narrative is helping drive money into Bitcoin with a 30% gain in the last week. My feeling is when people feel they're safe in the banks again, bitcoin will go back down. But in the meantime, it's certainly enjoying a story that was put in hibernation for the last 6-9 months,” Siegel emphasized.
Siegel also believes that barring increased turmoil, the Fed will hike the rate by 25 basis points and hint at the press conference that a pause could come at the next meeting.
Meanwhile, the Crypto Fear and Greed Index reached its highest score this year. The index, which ranges from 0 to 100 and takes into account volatility and trading volume, currently sits at 68. This score means investors are in a state of “greed'' — the highest score since November 2021 when Bitcoin reached its all-time high close to the $70,000 mark.
Price Action: At the time of writing, BTC was trading at $28,133, up 2.02% in the last 24 hours, according to Benzinga Pro data.
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