Bitcoin market gains $26 billion after hitting 9-month high as banking crisis sparks rally

in a deal partly brokered by the Swiss regulators looking to stem contagion across the global banking sector.

Advocates of bitcoin have often dubbed it "digital gold" referring to it as a store of value, particularly in moments of global turmoil, and one that is uncorrelated with other asset classes. However, bitcoin has more often than notBut there are signs bitcoin's price movement is beginning to decouple from stocks, for now.

"If one looks at the history of Bitcoin and why it was created in the first place, it was precisely for events like this where the current system shows signs of weakness and hence owning an uncorrelated asset helps," Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.

"Over the years, this argument of Bitcoin being an uncorrelated asset class has been debated quite a bit, but we are now potentially seeing that viewpoint being vindicated in a lot of ways."Interestingly, other cryptocurrencies on Monday did not see the same jump as in bitcoin. Ether was trading roughly flat. Other cryptocurrencies are not seen as "digital gold" by proponents in the same way that bitcoin is.

"As this banking crisis plays out, it'll be interesting to continue to watch Bitcoin price action as more and more people think of owning Bitcoin as a clever alternate to the current system," Ayyar said.

Hey jdcmedlock, Bitcoin only has like (internal math noises…) $972,000 to go. Feeling nervous yet? Lol

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