The long-term crypto market looks increasingly positive as the US banking system is in chaos Bitcoin price is currently at $28,280, up 27.91% over the past 7 days, trading volume up 56.95% over the past 24 hours.
As the price of Bitcoin rises, so do other coins, such as Ethereum, which is at $1,780, up 12.48% over the past seven days, according to CoinMarketCap.
“Crypto is starting to prove its strength more and more. Now there are people who feel they need to look for alternatives after the traditional financial system has failed,” said David Duong, Head of Research at Coinbase.
The Fed’s policy of raising interest rates also devalues the price of state-owned investment securities, decreasing the value of bank portfolios.
The collapses of major banks such as Silvergate Bank, Silicon Valley Bank and Signature Bank (SBNY) have affected financial markets, causing anxiety in financial markets and affecting bank stocks around the world.
During times of stress on traditional financial markets, The prices of other assets, especially digital assets, tend to move in opposite directions.
But what is worrying is that the banks that previously supported fiat payment systems for crypto firms shut down. Crypto companies may face a new challenge in finding banks that will support their fiat payment systems in the future.
It has been reported that American crypto firms are currently moving to trusted offshore banks following the crisis of the US banking system.
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