Bitcoin price is trading around $25,000 after the entire banking sector is in recession. Has given the first cryptocurrency designed to allow individuals to create their own banks banks run for their money amid a series of bank runs and collapses in the United States and around the world.
Take a closer look at the cryptocurrency price charts that you absolutely cannot miss.
Bank Shares Price Bitcoin to New All-Time Highs
Bitcoin was created in 2009 by the still unknown Satoshi Nakamoto after the great financial crisis. Hidden within the Genesis block is a message referencing The Times’ cover story about a second bailout for the banks.
The message made clear bitcoin’s mission: to remove the need for third parties from the financial system and free humanity from the greed and influence of the elite. Essentially, the decentralized cryptocurrency-based protocol allows anyone to be their own bank, hold their own assets, and send and receive money without an intermediary such as a bank.
Over the past week, several banks nearly collapsed, resulting in more bailouts nearly 14 years after the launch of the first cryptocurrency. The story rarely changes, with governments and central banks swiftly swooping in and preventing the crisis from developing further.
Like Domino, several banks disclosed the lead issue, ranging from Silicon Valley Bank, Silvergate, Signature Bank and Credit Suisse. While the factors behind each instance varied, the end result was the same: customers realized they could no longer trust banks with their deposits. Signature Bank’s story is a bit more complicated, and was potentially shaky due to its involvement with crypto.
Since the start of the test, bitcoin has been on a downtrend against the USD and other global currencies. BTC Price Against Bank Shares? Well, this is one crypto price chart that you simply must keep your eye on.
Bitcoin versus Banks | BTCUSD on TradingView.com
History is being made as BTC becomes the answer
The monthly candles in the chart above are particularly impressive. BTCUSD rose 80% against CS shares, 95% against SBNY, 200% against SIVB shares and 650% against Silvergate.
The last time BTCUSD rallied this hard against the big banks was back in May of 2019. The bitcoin price saw its bear market bottom almost five months before the banks’ big move. This cycle, BTCUSD made its lowest in November 2022. Five months from then it will be April 2023, and already we are witnessing a massive backlash against the banking sector once again. Could Outperformance Against Banks Indicate a Possible Bottom in the Crypto Market?
This isn’t the only way the first crypto asset is beating the banks. Even at a price of $25,000 per coin, bitcoin’s market cap and total value is larger than that of the world’s largest banks such as JPMorgan Chase and Bank of America.
Will dominoes keep falling in the banking sector? And could this be the start of a new bullish story in bitcoin? The next month will be crucial in changing the trend in crypto.
#bitcoin vs bank = disaster pic.twitter.com/VIMUoc8hcX
— Tony “The Bull” (@tonythebullBTC) March 16, 2023
Credit : www.newsbtc.com