Last month 3 massive banks collapsed including the collapse of
Silicon Valley Bank which happened to be the 2nd largest in US history ($209B bank failure)
The other 2 were:
-
Signature Bank New York ($110B in total assets)
-
Silvergate ($11.3B in total assets)
As soon as the news broke on March 10th, stablecoins like $USDT initially struggled, but quickly recovered, while Bitcoin experienced an astonishing 44% rise in price over the following 10 days.
This rise was caused primarily by investors pulling their money out of these banks and into Bitcoin in order to
preserve their wealth.
When unexpected events like this happen the general public looks towards cryptocurrency thanks to its decentralized nature.
Top analysts like Raoul Pal and Greg Foss are predicting that this is just the beginning of the bank collapses we will see this year, and this will spark future interest and growth in crypto.
