Banks in Turmoil, Bitcoin Rising
Mar 13, 2023
Market Update Cryptoassets are surging this Monday afternoon due to continued turmoil in the banking industry and a violent repricing of rates. Despite the government guaranteeing customer deposits of the fallen SVB and Signature Bank, investors are keyed in on the unrealized losses remaining on the balance sheets of regional banks. As we discussed on Friday, we anticipated an orderly wind-down of SVB and that rates rolling over would benefit cryptoassets. $BTC is leading the way, up 22% since Friday evening, while $ETH trails right behind, up 20% over the same period. We are witnessing extra