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By Staff Reporters
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Bitcoin prices climbed to as high as $27,293 last week, wrapping up the cryptocurrency’s best week since January 2021. And it has Silicon Valley Bank and friends to thank for it. Crypto diehards claim bitcoin’s gains are the result of people losing faith in traditional banking after SVB and Signature imploded (though it’s worth noting that Signature was a big player in the crypto world).
However, after the second-and third-biggest bank failures in history, economists started second-guessing whether the Fed would stick to the plan to hike interest rates again or change course to protect the rest of the very fragile banking industry. That could mean the crypto market, which slid into the dreaded Crypto Winter in the first half of last year because of macroeconomic factors like the Fed’s rate hikes, might finally be approaching spring.
So, according to MorningBrew, the Fed’s interest rate decision next week will likely serve as crypto’s redeux. And despite the banking industry hoping Jerome Powell pauses the interest rate hikes, February’s inflation numbers showed that the Fed may need to stick to its original plan to keep inflation in check.
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Filed under: Alternative Investments, Breaking News, Information Technology, Investing | Tagged: Bitcoin, crypto, crypto wibter, cryptocurrency, FDIC, fed, FOMC, Jerome Powell, MorningBrew, Silicon Valley Bank, SVB | Leave a comment »
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