Bitcoin surged today and crypto enthusists see the biggest one-day increase since the wild price swings seen during November’s market turmoil. This surge takes place as a banking crisis is roaring in traditional financial systems. This includes major talks by US authorities which are trying to stem the spread of concern about the health of the nation’s financial system.
The Fed has announced new stops to help shield banks from $300 billion of losses. Pain is still spreading From SVB’s fall as the FDIC auction for SVB is underway. The rally in crypto space has helped to extend the largest cryptocurrency’s recovery from its worst week in about four months. Concerns over USDC are lessening as it traded with the dollar after depegging last week which I wrote about here
We also had a Binance’s announcement that it would covert the remaining stablecoin funds from a $1 billion industry stability fund to Bitcoin, Ether and BNB token.
Binance’s move reiterates its faith in the major coins which gives investors the same confidence. I wrote about how billionaires might bail out this banking situation but this was not how I thought they would do it. I think CZ is a very smart business man and is positioning Bianace to be a major play within the crypto and traditional financial worlds. As this situation continues to unfold I'll do my best to keep reporting on it. Maybe Silvergate, SVB and these other banks failing will push more adoption as people loos faith in traditional institutions
