On the heels of three banks collapsing in the last week, Bitcoin appears to be benefiting from consumer fears.
The tech industry and financial markets are reeling from the collapse of Silicon Valley Bank (SVB) and Signature Bank. The tech industry was particularly dependent on SVB with its collapse still sending shock waves throughout the industry.
According to Decrypt, Bitcoin is benefiting from spooked consumers and investors, with the cryptocurrency rising almost 20% since SVG’s collapse.
In fact, the entire market appears to be getting a boost, with individual cryptos up across the board.