A short time ago, US-based banks were the world’s number one agenda. went bankrupt. So sooner Silicon Valley Bankand then Signature Bank went bankrupt. Some banks began to experience a liquidity crisis at that time. One of them was First Republic Bank. Some giant banks, including JPMorgan and Bank of America, have even joined the First Republic Bank. 30 billion dollars It had saved it from bankruptcy by providing liquidity.

However, all this seems insufficient. For Bank of the First Republicmade a balance sheet statement after markets closed recently. In the statement, bank deposits fell 35.5 percent year-on-year, and $104.5 billion level is reported. With the news of the balance sheet, markets started to become volatile again.

Shares of First Republic Bank fell 50 percent!

First Republic Bank 1-month stock chart. Source: TradingView

The collapse of the climate of confidence particularly affected the investors of the First Republic Bank. just a few days ago 16 dollars The shares, which had been trading at levels, suddenly lost about 50 percent of value and plummeted to levels of $8. In fact, the New York Stock Exchange (NYSE) opened up trading to avoid further deepening of the decline. had to stop. For example, the allegations of the banking crisis, which were on our agenda almost a month ago, came to the fore again.

First Republic Bank has not declared bankruptcy at this time. However, some attempts were made to get rid of the financial problems experienced. Sources familiar with the subject assets can be sold they made the statement. Of course, while all this is happening, depreciation it happened. It wasn’t hard to guess where the people who got off the dollar went.

Bitcoin (BTC) has risen above 30 thousand dollars again!

Concerns about the US banking crisis have focused on Bitcoin (the king of the cryptocurrency market).BTC) made. BTC, which has been on an upward trend for some time, has found the excuse it has been looking for with the latest developments. BTC, which spent just above $27,000 in the past 24 hours, locked the $30,000 level with strong upside momentum. As of the writing of this article about 8.8 percent The valued BTC is trading at $29 thousand 800 levels.

There is movement not only in Bitcoin, but also in altcoins.

Bitcoin’s rise has had an impact on all altcoins, especially Ethereum (ETH). All top 10 altcoins by volume (except stablecoins), to the upward trend they entered. The continuation of the uptrend in Bitcoin also sees the movement in altcoins. can persevere.

So how come the banking crisis in a country like the US is having a positive impact on Bitcoin?

While the dollar is falling in value, the main reason for the uptrend in Bitcoin and altcoins is that crypto assets are derived from these currencies. not affiliated with anything. Bitcoin is not tied to or focused on any of the traditional currencies. That’s why people in times of crisis turn to cryptocurrencies. The increase in demand due to the influx of money causes the appreciation of all cryptocurrencies, especially Bitcoin.

Note: This content cannot be considered investment advice.