Are Bitcoin and Cryptocurrencies Profiting from the Banking Crisis?
DECRYPTION – Since the collapse of three American banks, the most famous cryptocurrency has regained more than 30% in two weeks.
Looking at the evolution curve of the Bitcoin price since the collapse of Silicon Valley Bank on March 10, the crisis in the banking sector in the United States seems to be benefiting cryptocurrencies. On March 23, Bitcoin was trading at over $28,500, up more than 30% over 14 days, according to CoinGecko.com. In its wake, Ether and several other cryptocurrencies (XRP, Solana, Cardano…) experienced double-digit growth. In total, the crypto market capitalization has climbed more than 20% since March 10, reaching $1.2 trillion on March 23. Other data make it possible to understand this clear revival of interest in the crypto sector for the past two weeks, whether by the total value of tokens circulating within decentralized finance services (Defi) or by the recent jump in the number crypto app downloads.