Head Scratcher: Bitcoin Price Surges 14% as SVB Bank Implodes
Will the collapse of SVB cause further contagion in the tradtional banaking sector?
The traditional financial sector and crypto, have sort of a love hate relationship – news of today highlights that. We’ve seen before in the past where one sector (usually stocks) will dip big time, while inversely crypto prices soar.
This time a shockwave in the traditional banking sector caused by the collapse of SVB is rippling throughout wallstreet and beyond.
The collapse of SVB sends crypto prices soaring
The recent collapse of SVB Bank and the spike in crypto prices over the past 24 hours has sent shockwaves throughout the financial sector. The sudden drop in SVB Bank’s stock price caused investors to question the overall stability of the banking system.
While the surge in crypto prices has raised speculation about the viability of digital currency as a viable investment option. Investors have been scrambling to understand the implications of these events on their portfolios and determine how best to navigate the uncertain financial climate.