Why Bitcoin, Ethereum, and Dogecoin Popped on Friday
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.
Source Fool.com
