Silicon Valley Bank failed on March 10, and since then you probably noticed that the price of BTC has been on a tear.
I found some precise information about this:
In the early hours of March 10, bitcoin was trading at around $19,600. It whipsawed just above and below $20,000 until around 12 p.m. ET when it was announced that SVB was going into FDIC receivership. At that point, bitcoin shed $200 to dip below $20,000, jumped around a bit, and spent most of the weekend trading above $20,000.
By Monday, March 13 at 9:30 a.m. ET it was trading at $22,386. And then the fun began. Just 24 hours later, bitcoin was trading at $26,175, at one point even touching up against $26,500. As of publication, it is currently sitting at around $26,700.
This made me pretty hyped about the crypto scene in general, I'll keep an eye on BTC on Toshi Tools.
Given Bitcoin’s history, the bank failure adjacency is obvious here, at least three banks have failed, and others, both American and non-American are failing. Because it’s not because of Bitcoin, that’s good for bitcoin’s price.
I believe people are now thinking this way - As the banks fail, opt out and buy bitcoin. That narrative is strong enough to propel the price.
What is your opinion on the latest events?
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