SVB Collapse effect on Crypto Market
Silicon Valley Bank Collapse is one of the biggest news in town and we have seen the immediate effect on the crypto market. This has affected USDC badly but we have also seen a fast recovery in this stable coin managed by the circle. The coin has lost its value against the dollar but now it is back in the range and trading and the price of $1 almost. This is good because the recovery has been passed in this case how ever some experts were expecting the usdc to go out of the game like Luna but I don't think it was supposed to happen.
Usdc is a leading stablecoin however because of the market circumstances it was affected but the company that manages this table point has worked well in the scenario that goes in favor of the stablecoin and finally it is back in the range. The market has shaken badly after the svb crash but now we can see almost every point back in green color which is a good recovery in the market including Bitcoin and other coins. The current price for Bitcoin is over 22k US dollars and even the Ethereum price is more than 1600 US dollars.
It is difficult to say now with the market is back to a stable range or if we are going to see a drop in prices. We used to think that banking is the safest option to go for when it comes to keeping our investing money but now that is not the truth anymore. We have lost money in this case and people who are holding with the silver valley Bank has gone through a tough time.
This is not a good start for the year 2023 when people had to lose their money because of banks are considered the safest option for money management however in crypto it has always been discussed that this is a bit risky because of the market volatility. Even in India, we have seen a lot this year in the period of 2 months whereas some company's share has dropped a lot which caused a big loss for people. The government thinks that crypto is a highly volatile asset because they are not providing an option to the people but now I think it is time for them to think again because even banks and shares are not trustable anymore.
It is difficult to say whether we are going to see the impact on the market again as it is still here and you never know if you can start affecting the prices once again which will bring it down so if you are trading then be careful on trades.
Thank you so much
Stay Safe
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It's big news and it's gotten some people very nervous. All these banks are inter-connected, so everyone's wondering who's next? If they're smart, they'll divest from the banks quietly, before everyone runs for their money!
Yes these banks are interconnected and it's hard to believe that a bank is collapsed overnight. I am sure there were problems for the long time but they did not share in public and after this event we cannot even trust banks.