Weekly Market Wrap: Bitcoin rises above US$26,000, as 'store of value’ narrative strengthens amid bank failuresDespite fears of a systemic banking failure in the US and Europe, Bitcoin remained resilient and rose 36.06% in the week from March 10 to March 17, to trade at US$26,795. ——Generated by ChatGPTBitcoin, the world’s largest cryptocurrency by market capitalization, rose 36.06% in the week from March 10 to March 17, to trade at US$26,795 at 7:00 p.m. on Friday in Hong Kong. Ether rose 26.67% in the same period to US$1,750.However, equity markets had a turbulent (understatement) week due to fears that cracks were appearing in the U.S. banking system.It started the week prior when Silvergate Bank went into voluntary liquidation after a bank run and its shares plunged. Regulators then quickly shut down Silicon Valley Bank (SVB) and Signature Bank, two major lenders to the technology and crypto industries, to avoid panic and the risk of a systemic bank failure.It was serious enough that U.S. Treasury Secretary Janet Yellen contacted the White House on the weekend of March 11 to get approval from President Joe Biden to initiate the takeovers. The Treasury then put out a joint statement with the Federal Reserve and Federal Deposit Insurance Corporation, assuring a backstop for U.S. banks.Biden repeated the same message during the week as traders drove down the shares of other U.S. regional banks. The focus shifted to Europe when global investment bank Credit Suisse started to wobble, prompting a US$54 billion lifeline from the Swiss National Bank. On the U.S. side, 11 financial institutions had to step up to inject US$30 billion into First Republic Bank after its share price tanked.Despite woes across banks, Bitcoin remained resilient and only briefly fell to US$19,654 on March 10, before reclaiming the US$20,000 level the next day and moved higher through the week.“While the U.S. banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks didn’t skip a beat,” tweeted Cathie Wood, the founder and chief executive officer of investment management giant Ark Invest.Amid recent regulatory crackdowns on crypto platforms, Wood seemingly could not resist driving home the point: “Instead of blocking decentralized, transparent, auditable and well-functioning financial platforms with no central points of failure, regulators should have been focused on the centralized and opaque points of failure looming in the traditional banking system.”