What were the real reasons behind the crypto pump as the bank crisis started?
The renewed interest in crypto comes amid growing concerns over inflation, increasing global debt levels, and the unprecedented monetary and fiscal policies adopted by central banks and governments worldwide.With the ongoing fiscal momentum surrounding the crypto sector showing no signs of abating, $30,000 has continued to serve as a significant hurdle for Bitcoin.
Chris Bradbury, CEO of decentralized finance platform Oasis.app and former lead product manager for MakerDAO, told Cointelegraph the latest rally is related to banking collapses and the broader fear in the U.S. and European banking sector, which saw vast amounts of value wiped out of bank stocks. He added:
“It’s unlikely we will see a sustained rally directly from this; however, we have started to see activity on-chain picking back up since the start of the year and a little bit more optimism more generally in the markets.” Other observers of the crypto space think the recent pump is explained by factors that are less generous to the hypothesis of crypto as a safe haven and alternative to the traditional financial system.
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