Cryptocurrencies rally despite shutdown of crypto friendly Signature Bank, bitcoin breaks through $24,000
Publishing timestamp: 2023-03-13 17:04:33
Summary
Despite the closure of Signature Bank, one of the last major crypto banks in the US, cryptocurrencies surged on Monday. Investors were also betting that the Fed will be less aggressive in raising interest rates now that authorities have stepped in to limit fallout from other banks. However, the closure of Signature Bank has added to fears among crypto investors and entrepreneurs that regulators are crushing the industry by pressuring banks to cut off their businesses. The end of the Silvergate-Signature duo leaves crypto with few "on-ramps" that allow fiat money to flow into crypto assets.
Sentiment: MIXED
Tickers: SI, SBNY, ETH.CM=, BTC.CM=, SIVB,
Keywords: bitcoin, bitcoin/usd coin metrics, cryptocurrency, markets, signature bank, svb financial group, ethereum/usd coin metrics, business news, technology, investment strategy, silvergate capital corp,