Bitcoin's Rise Amid Banking Turmoil: What's Driving It?

Bitcoin is experiencing a "redemption arc" as it rallies and investors keep an eye on pressures in the US banking system, according to analysts at AllianceBernstein. The recent turmoil in the banking sector has accelerated bitcoin's recovery, and the cryptocurrency is now up over 66% year-to-date. Analysts at AllianceBernstein called bitcoin "an insurance against economic dislocation" and "unwanted consequences of the government's excessive monetary and fiscal discretion." Bitcoin has also been trading as a risk-off asset and has started decoupling from US stocks.