THE CRYPTOCURRENCY MARKET RALLIED ON FDIC

Right now, all that is going on in the cryptocurrency industry is so much bigger, there is nobody left to bank cryptocurrency companies in the United States. Joe Biden's speech provides a lot of relief to all those businesses that were using those banks having issues. While in the joint statement by Treasury, FED, and FDIC, they for sure not calling this a bailout as they use to. Of course, this is putting liquidity back into the cryptocurrency market, and the cryptocurrency market rallied on FDIC coming through and USDC stablecoin back to the $1 peg.

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The Big question here is why is ETH rallying and BTC is up about 18% today? Bitcoin is now gaining more confidence in crypto because it allows you to become your own Bank. A lot of people now starting to understand how weak the traditional financial system is. It is good that depositors of these banks are going to be fine for a while, it is unfortunate that after this takeover nobody is left to bank cryptocurrency companies. Unfortunately, some insiders claim that is a coordinated attack against the cryptocurrency because regulators want to crash the last pro-crypto banks.

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Because of all these things that are going on, Okcoin which s a cryptocurrency exchange suspends USD deposits due to Signature bank closure. The thing is that no because people can't withdraw, Okcoin is only saying they can not accept deposits right now. The CEO of Okcoin made it clear that all customer's funds are safe. Okcoinc exchange just needs some time to find out which bank will be its next crypto-banking partner. Even though there are a lot of things going on in the US right now, we are beginning to see the huge demand for decentralized alternatives starting to pick up.

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