The cryptocurrency market has seen a flurry of activity over the past week, with shares of Silvergate Bank plummeting by 38.62% to close the week at $2.05, while Coinbase and MicroStrategy both gained 33% and 30%, respectively. Meanwhile, Jack Dorsey’s Block also saw gains of 5%.
Grayscale’s structured bitcoin trust surged by 33%, while its Ethereum trust rose 16%. The surge in Bitcoin and Ethereum comes as investors increasingly turn to digital assets as an alternative investment option that can act as a hedge against inflation or store value in times of economic uncertainty. Grayscale has suggested that if the banking crisis persists, it is possible that there will be no interest rate increase when Federal Open Market Committee meets on March 23nd – something which was widely expected prior to this current crisis period due to an anticipated 0.25% hike from pre-crisis levels.. Inflation fell slightly according to February’s report from U.S Department Of Labor (from 6 .4 %in January down 6%), further highlighting how cryptocurrencies are becoming more attractive for those seeking financial security during these uncertain times .
Overall , it appears clear why many investors have been turning towards crypto markets this past week – offering potential stability even amidst turbulent economic conditions worldwide .
