ETH - Why Bitcoin Ethereum and Dogecoin Popped on Friday
2023-03-17 12:51:59 ET
The fallout from the banking collapses last weekend has extended further into the regional banking sector this week, which has helped cryptocurrency values . It seems that banks collapsing makes the case for crypto more than any other event could have.
Bitcoin (CRYPTO: BTC) has jumped 7% in the last 24 hours as of 11:20 a.m. ET, Ethereum (CRYPTO: ETH) is up 4%, and Dogecoin (CRYPTO: DOGE) has risen 4.8%.
After working for months to undermine cryptocurrencies and keep banks from holding cryptocurrencies on their balance sheets, the collapse of Silicon Valley Bank (part of SVB Financial ) and Signature Bank have shown that crypto may not have been the most significant risk in banking. The risk that rising interest rates posed on the value of long-term bonds brought these banks down.
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Why Bitcoin, Ethereum, and Dogecoin Popped on Friday