The collapse of FTX has become the catalyst for a new bullish rally in the cryptocurrency market. This opinion was expressed by analysts at asset management company Bernstein, CoinDesk reports.

The bankruptcy of crypto exchange Sam Bankman-Fried has “removed the last tranche of toxic leverage” and motivated investors to focus on the importance of decentralization and non-custodial storage of digital assets, according to Gautam Chhugani and Manas Agrawal.

They are confident that macro catalysts in the form of the weakness of regional US banks and the outflow of funds from them to money markets and large financial institutions are working in favor of the first cryptocurrency.

“Any potential imbalance, whether on the credit side of banks or on the sovereign asset side, […] ideally positions Bitcoin as a safe haven alongside gold,” the analysts said.

They noticed that since the beginning of 2023, the leading cryptocurrency has grown by about 80%. Ethereum quotes increased by about 76%. Only after the Shapella hard fork was activated in April, the ETH rate increased by 13%, pulling the entire market with it.