Things change fast in the cryptocurrency industry. In the span of seven days, the market shifted completely, with the sentiment escaping the fear zone. The total capitalization also soared, adding a whopping $165 billion in the process. But what happened? Well, let’s dive in.
First things first, it’s important to note that BTC’s price is currently trading above $26K, reaching highs last seen nine months ago in June 2022. This marks a 30% increase, and it comes on the back of major macroeconomic developments in the United States.
Recall that Silicon Valley Bank – a major financial institution in the US with a substantial amount of VC money in deposits, went bust. The bank revealed a hole in its balance sheet and was unable to patch it through a share offering, scaring depositors who attempted to get their money out. In a matter of days, authorities shut it down, leaving many people worried about whether they would get their deposits at all.
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