The banking crisis in the United States in the past weeks has caused a decline in Bitcoin and cryptocurrencies.
However, US regulators’ plans to bail out banks had boosted BTC and altcoins.
Evaluating these events, investment company Bernstein analysts said that the crypto money market will experience more rise after banking problems.
According to the news of Coindesk, Bernstein analysts stated that traditional banking and the financial system were shaken by the problems faced by banks.
Analysts argued that this creates the perfect environment for the cryptocurrency market to stand out as an alternative to traditional banking.
Arguing that the Silicon Vallley Bank, Silvergate Bank and Signature collapse was a general banking problem, analysts Gautam Chhugani and Manas Agrawal pointed out that crypto is not related to these collapses and that the problems that caused the collapse are unique.
“The banking crisis in the USA has caused Bitcoin, Ethereum and the rest of the decentralized financial system; It is the perfect environment for it to stand out as an alternative system that is completely separate from the traditional central banking system.”
Lastly, the report said that as the crypto industry thrives, banking may be weaker in the US, but will remain stable internationally, with access through over-the-counter (OTC) centers in Asia and Europe.
