Several banks tied to the crypto market have failed recently, including Silvergate, Signature Bank and Silicon Valley. Regulators in the US are likely to use these failures to try to gain control of crypto through central bank digital currencies (CBDCs). However, this attempt will likely be futile. The narrative they create could create opportunities in the crypto market, and certain coins may see a boost with the news of CBDCs. More information on this topic is available on the Chico Crypto channel.
The Failures of Banks Tied to Crypto Markets
Over the past week, we have seen a series of failures of banks tied to the crypto markets. One by one, the dominoes fell, with Silvergate, Signature Bank, and finally Silicon Valley all experiencing issues.
The Potential Consequences
So, what does this mean for the future of cryptocurrency? Regulators, especially in the United States, are likely to use these failures as an excuse to attempt to gain control over the crypto market through a central bank digital currency (CBDC).
Futile Attempts at Control
However, the attempt to establish control through a CBDC will ultimately be futile. And, in fact, this narrative will create opportunities for savvy investors in the cryptocurrency market.
Opportunities in the Crypto Market
Which coins will see a surge in value as a result of news about CBDCs? To find out, tune in to Chico Crypto in about 10 minutes. As always, we will bring you the latest news and analysis on the crypto market.