Elon Musk Backs Cathie Wood’s Bullish Crypto Comment Amid Banks Crisis

Elon Musk News: Cathie Wood, CEO of Ark Invest launched an attack on the US banking system targeting the recent collapse of multiple banks. However, she went on to praise the digital asset networks during the banking failure as Elon Musk, the world’s richest man jumped in to nod to her comments.

Cathie Wood Praise Crypto Amid Bank Crisis

Cathie Wood took to Twitter to summarise the recent erupted situation, where the US Bank surrendered in front of the authorities to take action. She mentioned that Bitcoin, Ethereum and other crypto networks didn’t skip a beat during the bank led crisis.

She added that the instability in the banking system even threatened stablecoins and the on-ramps to DeFi. Cathie Wood stated that the regulator needs to focus on the centralized and opaque points of failure emerging in the traditional banking system. Meanwhile, the watchdogs are blocking decentralized, transparent, auditable, and functioning financial platforms.

FED Wants Tougher Rules As Crypto Friendly US Banks Collapse| Read More Here

Ark Invest CEO highlighted that the financial watchdogs should go after the crisis taking shape in plain sight. The asset and liability duration is in discord as the short rates have soared 19 fold in just less than a year. Read More Elon Musk News Here…

Wood stated that deposits in the banking system were on a decline on a year over year basis and this is happening for the first time since the year 1920. To this Elon Musk comment than there is a lot of current year similarities to 1929.

The global crypto market to a major hit as three crypto friendly banks collapsed in a week. The cumulative market cap dropped below the $1 trillion mark, while Bitcoin price declined to trade below $20k. However, Bitcoin went on to break the $26k price level on Tuesday.

Binance Ends Zero-Free Bitcoin Trading After BTC Price Breaks $26K| Read Here