Bitcoin priced in bank shares is the cryptograph you cannot miss
Bitcoin price is trading around $25,000, following a meltdown in the banking sector. The first ever cryptocurrency designed to allow individuals to be their own bank has delivered the banks are running for their money amid a series of bank runs and collapses across the United States and the world.
Take a closer look at the crypto price charts you absolutely cannot miss.
Bitcoin priced in banking stocks rockets to new all-time high
Bitcoin was created in 2009 in the wake of the Great Financial Crisis by the still unidentified Satoshi Nakamoto. Tucked away in the Genesis block is a message referencing The Times front page story about the second bank bailout.
The message made Bitcoin’s mission clear: remove the need for third parties from the financial system and free humanity from the effects of greed and the elite. Essentially, the decentralized cryptocurrency-based protocol allows anyone to be their own bank, look after their own assets, and send and receive money without an intermediary such as a bank.
Over the past week, several banks have nearly collapsed, resulting in even more bailouts some 14 years after the launch of the first ever cryptocurrency. History rarely changes, with governments and central banks quickly stepping in and stopping a crisis from developing further.
Like dominoes, several banks revealed major problems, ranging from Silicon Valley Bank, Silvergate, Signature Bank and Credit Suisse. While the factors behind each instance vary, the end result was the same: customers realized they can’t trust banks with their deposits. Signature Bank’s history is a little more complex, and was potentially shaken up due to its involvement with crypto.
Since the ordeal began, Bitcoin has been wildly priced in USD and other global currencies. BTC Priced Against Bank Stocks? Well, there is a crypto price chart that you just have to look at.
Bitcoin versus Banks | BTCUSD on TradingView.com
History along the way when BTC becomes the answer
The monthly candles in the chart above in the chart above are particularly impressive. BTCUSD rallied 80% against CS shares, 95% against SBNY, 200% against SIVB shares and a staggering 650% against Silvergate.
The last time BTCUSD rallied this hard against major banks was back in May 2019. Bitcoin price saw the bottom of the bear market about five months before the big move against banks. This cycle made BTCUSD its last low in November 2022. Five months from then would be April 2023 and already we are seeing massive moves against the banking sector again. Could the excess returns against banks signal a potential bottom in the crypto market?
This isn’t the only way the first-ever crypto asset is beating banks. Even at prices of $25,000 per coin, Bitcoin has a larger market cap and total value than even the largest banks in the world, such as JP Morgan Chase and Bank of America.
Will the dominoes continue to fall on the banking sector? And could this be the start of a new bullish narrative in Bitcoin? The next month will be crucial in changing the trend across crypto.
#Bitcoin Versus Banker = Death pic.twitter.com/VIMUoc8hcX
— Tony “The Bull” (@tonythebullBTC) March 16, 2023
