Crypto News: The digital asset industry is trading under heavy selling pressure due to an emerging possible crisis from the United States based banks. After the recent Silvergate Capital Corp collapse, Silicon Valley Bank has flagged concerns as its stocks tanked by a massive 60%. However, in reaction to this crisis, the crypto market saw a massive $60 billion decline in just 24 hours.
Crypto Crash To Continue?
The cumulative crypto market cap dropped by over 7% over the last day. The biggest crypto assets like Bitcoin (BTC) and Ethereum (ETH) price dropped by over 8% in the last 24 hours.
Industry experts have suggested this is a crucial time for the crypto industry. Michaël van de Poppe, CEO of Eight Globa, stated that the Silicon Valley Bank is about to fall, and this completely now depends on the FED’s policy. He added that this is the first one of the signs that markets are on the edge of the biggest crisis since 1929.
Michaël van de Poppe mentioned that the markets are breaking. This indicates that the entire saga around a pivot of the FED policy will take a fast U-turn. As per data, two year yields have been falling from 5% to 4.75%. Read More Crypto News Here…
The post Biggest Crisis Ever For Crypto Market? Crash To Continue? appeared first on CoinGape.
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