The story over the weekend was the collapse of 2 more banks, Silicon Valley Bank (SVB) and Signature Bank. Many analysts and business leaders called for the Fed to step in and save the banks, which they did. The federal government heard the cries loud and clear and moved immediately in response to the collapse of Silicon Valley Bank (SVB) and Signature Bank, working over the weekend to insure depositors who had more than $200 billion of venture capital and high-tech start-up money stored in the two banks making this the biggest bank bailout since the 2008 crash. But unlike the 2008 financial crisis, during which Congress passed new legislation in order to salvage the country’s largest banks, the current rescue plan is smaller in scale, pertains to only two banks, and isn’t additional taxpayer money — for now. Despite the collapse in the banking sector, crypto ripped to the upside, as Bitcoin is trading for $24,477.82, up 9.8% in the past 24 hours and Ethereum followed, up 5.1% in the past 24 hours, trading for $1,680.55. In a round table discussion, Macro-analysts and Real Vision Founder Raoul Pal isn’t surprised by the uptick in crypto. Raoul has been stating for quite some time that the value in crypto is highly correlated to liquidity… and now that liquidity is leaving the banking sector, it only makes sense for crypto to pump. Raoul has shared his concerns with the overall banking system and how yes, a bailout is necessary… but there are deeper issues with the banking system at large.
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