The global banking sector is facing a crisis, but that hasn’t stopped Bitcoin (BTC), the largest cryptocurrency by market cap, from enjoying a comeback rally. After an extremely volatile year in 2022, with prices ranging from $19K to $26K and back again in quick succession, BTC has managed to stay afloat despite the turmoil.
One of the key events driving this resurgence was news that U.S Federal Reserve would be lending out over $300 billion dollars to several struggling American banks – including Silicon Valley Bank and Signature Bank – which triggered markets across all sectors into action; not least of all crypto markets as well! This lifeline came just days after it was revealed SVB held over 3 billion USDC reserves for Circle – prompting fears about potential losses for depositors had government aid not intervened in time.
But it wasn’t only federal assistance helping prop up Bitcoin’s price: Credit Suisse also announced its intention to provide a massive 54 Billion dollar bailout package – further cementing investor confidence throughout 2023 so far! It goes without saying that such large-scale financial support can only bode well for long term sustainability within the banking industry…and consequently BTC too!
