Bitcoin Soars as Banking Instability and Uncertainty Drive Investors to Safety Play

Bitcoin climbed 4% in the past 24 hours to above $28,000 for the first time since last June as some traders see the cryptocurrency as a hedge against the traditional banking system, which has had its share of troubles over the past few weeks, including the collapse of Silicon Valley Bank and regulators' takeover of Signature Bank. The dollar value locked in the number of open bitcoin futures contracts is rising, signifying increased speculative interest in the market and potential for price volatility.