XRP Lawyer Bets On Bitcoin As Bank Contagion Spreads; Here’s Why

XRP News: The global digit asset market printed green indexes amid the erupting bank crisis. Bitcoin, the world’s largest crypto registered a massive surge of more than 34% over the past 7 days while the traditional market is struggling to gain investor confidence. As the bank stocks are tumbling all over, the lawyer representing XRP holders in the U.S. SEC Vs Ripple lawsuit seems to be confident about the Bitcoin price surge.

XRP Lawyer Rooting For Bitcoin

Attorney John Deaton, Amicus Curiae in the XRP lawsuit stated that the bank crisis is spreading quickly. He highlighted the back to back collapses of Silvergate Bank, Silicon Valley Bank, and Signature Bank. However, he mentioned that there are 186 banks that are facing similar troubles like Credit Suisse and First Republic bank.

He added that in a matter of few days, the Federal Reserve has erased $300 billion of the Quantitative tightening over the past year. XRP lawyer believes that this will be Bitcoin’s moment as the bank stocks are struggling.

Also Read: 186 US Banks Face SVB Like Risk; Crypto Bull Run Ahead?

Coingape reported that SVB Financial Group announced that it is seeking Chapter 11 bankruptcy protection. This comes days after its unit Silicon Valley Bank was taken over by the U.S. financial regulators. Read More XRP News Here…

Bitcoin price is up by 7% in the last 24 hours. BTC is trading at an average price of $27, 580, at the press time while setting its target to breach the $28K level. Its 24 hour trading volume is up by 25% to stand at $48 billion.

However, BTC price surge came in when the global traditional market had a major turmoil last week. The recent developing events have already being compared to the financial crisis of 2008.

Also Read: Crypto Bull Run Incoming? Arthur Hayes Hints $4.4 Trillion QE By Fed