Due to the current banking crisis, even though companies of many sectors have been in bad condition and millions of people have lost their money, but there are people who are benefiting a lot from this crisis. We are talking about people who like cryptocurrency, especially bitcoin. Within a few days after the bank crisis began, the prices of cryptocurrencies such as bitcoin rose rapidly.
So much speed in the price of bitcoin
According to data available on CoinDesk, on March 10, the price of bitcoin was around $19,600 per unit. The US authorities closed the Silicon Valley Bank on March 10 itself. Right now the price of bitcoin is more than $ 27,110 per unit. This means that in 09 days of the bank crisis, the price of bitcoin has increased by about 40 percent.
Bank crisis gave birth to bitcoin
It is important to know about cryptocurrencies that they have been offered as an alternative to the prevalent money market. The birth of bitcoin is linked to the bank crisis. Earlier, when there was a bank crisis during the year 2009, then bitcoin was developed in its response. The success of bitcoin spawned many other cryptocurrencies. Now that the bank crisis has come to the fore again, bitcoin is getting much needed help.
Crisis has come on these banks
Talking about the current bank crisis, it started with Silicon Valley Bank on 10 March. After that Signature Bank sank. First Republic Bank and Western Pacific Bank are also in the grip of crisis. The Federal Reserve itself has spent billions of dollars to save them. On the other hand, the condition of Credit Suisse in Europe is dire. To save it, the Swiss Central Bank has given an emergency loan of 50 billion Swiss francs.
Cryptocurrency supporters started becoming vocal
Supporters of cryptocurrencies have been strong critics of the prevailing banking system. They consider cryptocurrencies as an alternative banking system, which is independent from the interference of any government or government agency. Supporters of cryptocurrencies are becoming vocal again due to the sinking of many banks one after the other. At the same time, a section of investors are also seeing expectations from cryptocurrency. At least within the last few days, this is what is known from the tremendous increase in the price of bitcoin.
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