The last collapse American banks It has not outgrown the cryptocurrency market, as we saw in the recent case of the Silvergate bank crash. Soon after, shares of the Silicon Valley bank plunged after it was revealed that the banking giant had to sell the majority of its securities at a loss.
However, many leaders of the crypto field tend to believe that the controversial CNBC Mad money Host Jim ‘inverse’ Cramer is to blame for the latest financial crisis, as his confident endorsement of Silicon Valley Bank just a month ago turned out to be the opposite of expectations.
For a while now, some crypto traders have applied “Inverse Kramer” Tactics and I enjoyed many altcoin rallies after Jim Cramer openly criticized Dogecoin (DOGE), Solana (SOL), Cardano (ADA), and most recently – Bitcoin (BTC), only to light candles in the green with the largest digital asset gaining 9% in the hours after the show.
Moreover, BTC broke $26,000 line For the first time since June 2022 and it posted a historic daily rally with a gain of 18%, accelerating just after the Fed rate announcement.
Three hilarious tweets to Mellow the Bears
Several prominent figures in the cryptocurrency space have voiced their opinion regarding the recent banking crisis, with both the mild and the blunt stance caused by the same financial institutions that deem digital currencies to be “too risky.” This was noted by Charles Hoskinson, founder of Cardano (ADA), who noted the recent attacks on Tether, Circle and Paxos and the confident way cryptocurrencies have dealt with setbacks.
Binance Chairman Changpeng ‘CZ’ Zhao blamed the crisis on printed fiat currencies, which pose a “risk to fiat-backed stablecoins.” Furthermore, CZ believes that Do Kwon, the infamous founder of Terra (LUNA), was right to create a crypto-backed stablecoin, but “failed miserably in execution.”
Last but not least, famous Bitcoin cap earner Michael Saylor posted an image that read the question “Wait, is Bitcoin the only stable currency? — it always has been.” Mr. Saylor refers to Gary’s recent crypto campaign “top cop” Gensler and the US Securities and Exchange Commission. according to Gary GenslerBitcoin is the only cryptocurrency that does not qualify as a security due to its decentralized nature.
on the flip side
- Despite the recent upside, there is still a lot of fear in the altcoin market, as the SEC considers everything but Bitcoin to be a safety.
Why should you bother
It is important to understand where the biggest players in crypto stand when it comes to financial crises.
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