Bitcoin Market Cap To Increase By $194 Billion In 2023, 66% Over One Year, More Than Bank Stocks On Wall Street In Crisis Right Now
Bitcoin price has doubled against US stocks. For the first time in a year, BTC is up 65% compared to the S&P 500’s 2.5% gain and the Nasdaq stock is down 15% in 2023.
Wall Street’s value to drop by $100 billion by 2023
The six largest US banks – JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Morgan Stanley (MS) and Goldman Sachs (GS) – lost more than 100 thousand. MILLION DOLLAR REFERRALSinformationFrom CompaniesMarketCap.com
Bank of America stock is the worst-performing among Wall Street banks, down almost 17% YTD, trailing Goldman Sachs down almost 12% YTD, followed by Wells Fargo (-9.75%), JP Morgan Chase (<6.5%), Citi (<3.5%) and Morgan Stanley (>1%).
The US bank’s value plummeted amid a regional US banking crisis, including the Silvergate crisis, as well as the government’s acquisition of Signature Bank and Silicon Valley Bank.
The crisis escalated as First Republic Bank was imminent, but it was helped by more than $30 billion backed by Wells Fargo, JP Morgan Chase, Bank of America, Citigroup and others.
Deja Vu Bitcoin and Banking Crisis in Cyprus and Greece 2013?
The US banking crisis and the rise in Bitcoin prices are similar to those in Cyprus and Greece that were struggling with their own domestic finances.
In 2013, the price of Bitcoin increased by more than 5000% during the financial crisis in Cyprus where there was too much lending to real estate companies.
The Cypriot government has had to close a number of banks to avoid a bankruptcy crisis. Greece experienced a similar crisis in 2015, forcing the government to issue monetary policies to citizens to prevent banks from crashing. During that period, the price of Bitcoin increased by more than 150%.
“At a time when people are becoming more apprehensive about the banking system and real interest rates are steadily declining, it creates a context for the Bitcoin price surge. Solot, Chairman of Marex Digital Assets say
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