The bitcoin bounce: what comes next?

Markets this year are roiling, uncertainty abounds and the U.S. government has had to step in to rescue two large American banks in recent days. So why is bitcoin, considered among the riskiest bets of them all, rising so fast?

Just months ago, all forms of cryptocurrency appeared to be going up in flames, with bitcoin plunging from almost $50,000 at the start of 2022, to less than $17,000 when 2023 rolled around.

Bitcoin has since soared more than 60% and it climbed another 8% Friday above $27,000, all in an era of mass layoffs in the tech sector and widespread anxiety about stability in the U.S. banking sector.

So what happened?