The recent collapse of Silicon Valley Bank has rekindled fears from traditional finance that a prolonged recession is imminent. On the one hand, rising retail prices require quantitative tightening measures, and on the other hand, rising interest rates are harming financial institutions.
What could this uncertainty mean for the crypto market, including Bitcoin (BTC), altcoins, and brand-new projects such as AltSignals (ASI)?
What could the collapse of Silicon Valley Bank mean for the crypto market?
Silicon Valley Bank, previously the 16th largest commercial bank in the US, collapsed rapidly after a classic bank run left the institution unable to repay its creditors. This led to fears of a 2008-style collapse in the US banking system, which would have far-reaching implications for the rest of the global financial market.
The crypto market is unlikely to be safe from a widespread loss of faith in the financial system; however, Bitcoin saw its highest daily price increase in the wake of the collapse of Silicon Valley Bank.
BTC’s 45% price rise almost mirrors a rapid increase in the price of gold, which hints that large institutions have treated the top cryptocurrency as a hedge against financial collapse. However, altcoins in the crypto market have not responded with the same relative strength, which may indicate further trouble over the coming weeks.
Whether the crypto market continues to follow Bitcoin’s price patterns awaits to be seen. Despite the recent Silicon Valley Bank news, the crypto market continues to push toward local highs, and new platforms such as AltSignals look ready to capitalize on that movement.
ASI presale continues to attract investment during uncertain crypto market conditions
The AltSignals crypto presale is a long-awaited event, as the project has supported over 50,000 users with profitable trading signals since it first launched in 2017. AltSignals is now expanding its blockchain offering to include an AI-powered trading toolkit called ActualizeAI.
The ASI presale attracted $112k during the same period that Silicon Valley Bank collapsed. This may be an uncharacteristic sign of strength relative to other altcoins in the crypto market, which is likely to indicate considerable upside for the token when it is launched on digital asset exchanges later in the year.
What is AltSignals?
AltSignals is an online trading…
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