Biggest Crisis Ever For Crypto Market? Crash To Continue?
Crypto News: The digital assets industry is trading under heavy selling pressure due to an emerging possible crisis from the United States based banks. After the recent Silvergate Capital Corp collapse, Silicon Valley Bank has flagged concerns as its stocks tanked by a massive 60%. However, in reaction to this crisis, the crypto market saw a massive $60 billion decline in just 24 hours.
Crypto Crash To Continue?
The cumulative crypto market cap dropped by over 7% over the last day. The biggest crypto assets like Bitcoin (BTC) and Ethereum (ETH) price dropped by over 8% in the last 24 hours. Industry experts have suggested this is a crucial time for the crypto industry. Michael van de Poppe, CEO of Eight Global, stated that the Silicon Valley Bank is about to fall, and this completely now depends on the FED’s policy. He added that this is the first one of the signs that markets are on the edge of the biggest crisis since 1929.
Michaël van de Poppe mentioned that the markets are breaking. This indicates that the entire saga around a pivot of the FED policy will take a fast U-turn. As per data, two year yields have been falling from 5% to 4.75%. Read More Crypto News Here…
He further added that the crypto market and Bitcoin will have to endure a stress test with all sorts of negative news coming from the industry. This can be a turning point for the crypto market as people will adopt crypto over banks and other financial institutions.
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However, after the recent crackdown, the nonfarm payroll (NFP) will decide the fate of the crypto market and other equities in the short term time frame.
The nonfarm payroll (NFP) report is a key economic indicator in the United States and affects trading and volatility in the foreign exchange market. It is expected that the FED will continue to raise rates until the Federal Funds hit 5.75%. However, the rate now stands at 4.75%.
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