BTC surges past $28,000 for first time since June

Bitcoin was trading at $28,399 at 3:09 p.m. EDT on Sunday. It’s surged a staggering 37.8% over the week and is up 20.8% over the past month.

The rally comes amid speculation that the Federal Reserve could slow, or even pause, the pace of interest rate increases this week as contagion from the collapses of Silicon Valley Bank and Signature Bank continue to reverberate around the world. Credit Suisse is the latest financial institution to fall victim.