At around 7:30 a.m. ET, the price of bitcoin skyrocketed past the $27,000 range to a high of $27,025 per unit. Precious metals, or PMs, like gold and silver, also rose between 1.98% and 2.12% against the U.S. dollar over the past day. While many market observers are wondering why specific assets like PMs and cryptocurrencies have rebounded, a number of speculators suspect it’s because the U.S. central bank will now relax its monetary tightening policy.
4 Major Banks Bailed Out Following Silvergate Bank’s Collapse; Federal Reserve’s Easing Sparks Rebound in Cryptocurrencies and PMs
Last week, market investors witnessed four significant bailouts to save depositors stemming from Silicon Valley Bank (SVB), Signature Bank (SBNY), Credit Suisse, and First Republic Bank. All four financial institutions were bailed out with billions of dollars after a financial contagion spread across the U.S. banking system following the fall of Silvergate Bank. The bailouts, combined with speculation that the Federal Reserve will stop raising the federal funds rate and may even cut it, have fueled the values of precious metals and the cryptocurrency economy. The price of bitcoin (BTC) rose to $27,025 on Friday morning and the asset is…
