Key Ideas

• Recent bank failures in the United States show how limited the fractional reserve banking system is.
• Bitcoin is a safe haven asset for investors. BTC rises more than 40% in just ten days, hitting a nine-month high.
• With a +47% rally during U.S. trading hours, Americans are driving the BTC market.

Investors are turning to Bitcoin as a safe-haven asset as bank failures in the United States highlight the shortcomings of the fractional reserve banking system. American buyers are reportedly leading the charge and driving a 40% surge in just ten days, according to CoinDesk’s analysis by Matrixport. The bullish pressure on Bitcoin is significantly influenced by American trading hours.
The United States’ recent wave of bank failures has highlighted the fundamental flaws in the fractional reserve banking system. Due to this, a lot of investors are using Bitcoin (BTC) as a haven asset.

American buyers are leading the charge in the bid for this digital currency, according to a recent analysis by Matrixport, an innovative crypto services provider. In just ten days, Bitcoin has increased by more than 40%, hitting a nine-month high above $28,000.

BTC has risen an impressive +44% since the March 10th dip, with +31% of that gain happening during U.S. trading hours. According to Markus Thielen, Head of Research and Strategy at Matrixport, this shows that Americans are buying bitcoin with both hands, and he adds that the banking industry is still under stress.

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While BTC is available for trading around the clock in all countries, price action varies over the course of each 24-hour cycle depending on the flow of news and the release of macroeconomic data. Recent news has been dominated by problems with the American banking industry. As a result, interest rate expectations have been revised, which has helped BTC perform well during U.S. trading hours.

The data from Matrixport also demonstrates that since the beginning of the year, American trading hours have been a significant source of bullish pressure for Bitcoin. According to Thielen, Bitcoin has increased by +66% year-to-date and by an impressive 47% during U.S. trading hours. In contrast, the rally was only +16% during Asian trading hours, and Bitcoin barely increased by +3% during European trading hours.

These patterns imply that Bitcoin’s future performance may be significantly impacted by U.S. trading hours. For a better understanding of how the price of Bitcoin might behave, investors interested in BTC should keep an eye on the news and macroeconomic data releases, particularly those pertaining to the banking sector in the United States.