The misdeeds of the big banks, while marking a potential threat to the global financial system, have been good, at least in the short term, for cryptocurrencies. The price of the industry leader “Bitcoin” has increased by more than 20% in less than five days.
Some are already predicting that this year the price could reach even one hundred thousand dollars for one coin.
“Delfi Bizness” already reported that last week’s troubles in the US banking sector subsided this week and two relatively large banks actually went bankrupt. Silicon Valley Bank, which lent and supported various technology companies, closed its doors, and a few days later, Signature Bank, which was involved in the world of cryptocurrencies.
This caused the so-called “bank run” – Americans rushed to withdraw money from banks and investors sold their shares of financial institutions. Various institutions of the financial world outside the US also suffered from this. Towards the end of the week, problems with Credit Suisse, which had already suffered in previous years, also appeared.
All of this seemingly encouraged cryptocurrency investors to invest in “digital gold.”
Increases in value
Well, in fact, for a year, cryptocurrencies have been in a period that the industry calls cryptowinter, that is, the value of digital coins and the number of investors are either shrinking or standing still.