The recent downfall of American banks didn’t surpass the crypto market, as seen in the recent case of the Silvergate bank crash. Soon after, Silicon Valley Bank shares plunged after it was revealed that the banking giant had to sell the majority of their securities at a loss.
However, many leaders of the crypto space tend to believe that the controversial CNBC’s Mad Money host Jim ‘Inverse’ Cramer is to be blamed for the recent financial crisis, as his confident endorsement of Silicon Valley Bank just a month ago turned out to be the opposite of expectations.
For a while now, some crypto traders applied the ‘Inverse Cramer’ tactics and enjoyed multiple altcoin rallies after Jim Cramer publicly blasted Dogecoin (DOGE), Solana (SOL), Cardano (ADA), and, most recently – Bitcoin (BTC), only to light the candles green with a 9% gain for the largest digital asset in hours after the show.
On top of that, BTC broke the $26,000 line for the first time since June 2022 and recorded a historic daily run with 18% gains, accelerated right after the FED rate announcement.
Three Hilarious Tweets to Mellow the Bears
Many of the most prominent figures in the crypto sphere voiced their opinion in regards to the recent banking crisis, with both light-hearted and edgy takes on the situation caused by the same financial institutions that deem crypto as “super risky.” This was noticed by Cardano (ADA) founder Charles Hoskinson, who pointed out the recent attacks on Tether, Circle, and Paxos and the confident way crypto handled the setbacks.
Binance Boss Changpeng ‘CZ’ Zhao blamed the crisis on printed-out fiat currencies, which are “a risk to fiat-backed stablecoins.” On top of that, CZ contemplates that Do Kwon, the infamous founder of Terra (LUNA), was right to make a crypto-backed stablecoin, but “failed miserably in execution”.
Last but not least, the famed Bitcoin maximalist Michael Saylor posted a picture which reads the question “wait, is Bitcoin the only stablecoin? – Always has been.” Mr. Saylor is referring to the recent crypto crackdown by Gary ‘Top Cop’ Gensler and the U.S. Securities and Exchange Commission. According to Gary Gensler, Bitcoin is the only cryptocurrency that wouldn’t qualify as security because of its decentralized nature.
On The Flipside
- Despite the recent bull run, there’s still a lot of fear in the altcoin market, as the SEC deems everything except BTC a security.
Why You Should Care
It’s important to understand the stance of the biggest players in crypto when it comes to financial crises.
Get the crypto lowdown with the latest DailyCoin news:
CZ: Binance Won’t Add DCG’s CoinDesk to Its Media Empire
Crypto’s First AI Video Caused CZ to React: Interview with the Author
Sourced from dailycoin.com.
Written by on 2023-03-14 15:30:00.