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The banking sector has been facing turmoil, and the crypto market is benefiting from the uncertainty.
Bitcoin prices have risen over concerns of regional bank collapse in March 2023. This comes amid a slew of measures initiated by the US Federal Reserve and easing market conditions to save the banking sector from widespread collapse.
First Republic Bank (FRC) stock's decline following the collapses of Silvergate and Signature Bank in March has raised concerns about the banking sector's stability, leading experts to predict that the crisis has only just begun.
Inverse Jim Cramer Strategy
Popular crypto expert John Deaton commented on the situation, stating that the banking crisis may only be starting. He based his prediction on an "inverse Jim Cramer" strategy, which involves making predictions based on the opposite of what the television personality recommends.
Deaton represents over 70,000 XRP token holders in the XRP Vs SEC lawsuit. In response to Cramer's statement that the First Republic Bank collapse could mark the end of the banking crisis, Deaton stated that there is no substantial logic to this prediction, although it cannot be entirely ruled out.
Bitcoin Price Prediction
It may be recalled that Standard Chartered Bank predicted that Bitcoin price could reach as high as $100,000 by 2024. This shows the growing acceptance and recognition of the cryptocurrency market as a viable alternative to traditional banking.
The collapse of First Republic Bank has raised fresh concerns over stability in the banking sector, and some experts predict that the banking crisis has just begun. While there is no substantial logic to this prediction, the growing acceptance and recognition of cryptocurrencies as a viable alternative to traditional banking is evident. As the situation in the banking sector remains uncertain, it is likely that the crypto market will continue to benefit from the turmoil.