For many years, bitcoin advocates have argued bitcoin is a form of "digital gold" — a safe-haven asset that can provide investors a hedge against inflation and an investment in times of turmoil. But over the past few years, bitcoin has traded in correlation with stocks, in particular the tech-heavy Nasdaq.

There are now signs of decoupling with bitcoin massively outperforming the Nasdaq, many other risk-assets and gold this year.

But bitcoin also got a boost on hopes the banking crisis maybe reduce the U.S. Federal Reserve's ability to be as aggressive on interest rate rises, which would be supportive for risk assets like cryptocurrencies.