Bitcoin leads crypto rally as central banks promise liquidity to stem rising bank risk

Bitcoin jumped over the weekend to briefly breach US$28,000 in a bullish trend that extended into Monday morning trading in Asia and helped send most of the top 10 non-stablecoin cryptocurrencies higher. Bitcoin led the gainers amid growing concern about the state of the global banking industry. Several central banks over the weekend said they would coordinate an effort to pump cash into markets to ensure liquidity. This after Swiss authorities orchestrated an emergency weekend takeover of global investment bank Credit Suisse by UBS, which in turn followed a series of bank failures in the U.S. this month.