The analyst said that cryptocurrencies have become a kind of haven for capital

In the US, another bank with problem assets was closed. It was First Republic, which came under the control of the Federal Deposit Insurance Corporation. In terms of assets, the bank was the third largest financial institution to fail since the 2008 crisis.

After that, the shares of three more banks — Western Alliance, PacWest Bancorp and Metropolitan — fell by almost 30%. Trading in securities of all three institutions was suspended due to volatility. Against the backdrop of what is happening, Bitcoin has risen in price by 2%, reaching $28,500.

“The banking crisis is just beginning. It has not yet shown himself on the world stage, but the fact that regulators now have to think about how to put out a flaring fire, in my opinion, can be seen from their comments,” said Roman Nekrasov, co-founder of the ENCRY Foundation.

The head of http://Exmo.me , Vladimir Cherpichnikov, believes that the connection between the American banking crisis and the rise in the BTC rate “is undoubtedly present.” Digital currencies have become a protective asset and “a kind of haven for capital”, and the crisis “gave the necessary fundamental impetus” to the cryptocurrency industry.

“Blockchain technology has proven its worth, so cryptocurrencies are no longer perceived by investors as a purely speculative asset. Some investors saw that it is much safer to keep capital in BTC, despite the high volatility,” the expert said.

Nekrasov believes that in difficult market conditions, bank depositors are ready to withdraw funds from deposits en masse. But while the money is in the account, the financial institution actually owns it.

Today, digital assets have become the very tool that allows you to manage value with the absolute control of its owner. The tense situation in the banking industry has forced many to rethink the strategy of managing their own money, Cherpichnikov is confident.

“More and more people appreciate the financial independence that cryptocurrencies offer. And this awareness is only growing every year,” he summed up.

And the ex-CEO of BitMEX, Arthur Hayes, admitted that the price of bitcoin could soar to $1 million due to the collapse of the banks. He expects other financial institutions to face liquidity problems as the Fed plans to raise interest rates again.

According to a former BitMEX top manager, the Fed either “doesn’t understand what it is doing, or it understands and prays that the market is stupid.” Hayes believes that the banking crisis could be a prerequisite for macroeconomic turmoil, which will be the impetus for the BTC price to skyrocket.