The price of bitcoin has risen to the highest level in nine months. The virtual currency was worth $ 28,519 on Monday morning. Bitcoin has increased in value by 27 percent in a week.
Analysts say the increase is due to investors looking for other places to invest their money after the collapse of Silicon Valley Bank and the problems at Credit Suisse.
In addition, the US government has announced measures to prevent the fall of the Silicon Valley Bank from having further consequences. The organization behind the significant virtual currency, USDC, had $3.3 billion in its account at Silicon Valley Bank.
Other cryptos are also increasing in value. For example, Solana has increased in value by about 19 percent weekly. In addition, the prices of Ethereum and the BNB rose by more than 12 percent in the past week, and Dogecoin gained about 7 percent.