Crypto surges as traditional banks face challenges and risks.

Bitcoin hit a new nine-month high of $27,025 on Bitstamp as the Federal Reserve injected almost $300 billion into the economy as part of the banking crisis response, effectively restarting quantitative easing. The move undid months of liquidity removal under the Fed’s quantitative tightening. Former BitMEX CEO Arthur Hayes revealed he is liquidating most of his stock portfolio and moving it into crypto, believing Bitcoin is a firm haven in contrast to stocks. Market commentators believe the uptrend could continue despite stocks producing sideways action on the day.