A wild week just happened in the bitcoin and financial markets. Pomp breaks down the situation with Silvergate Bank and Silicon Valley Bank, Joe Biden’s new tax proposal, and bitcoin’s reaction to all of this news.
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Bitcoin seemingly shrugged off news of a bank failure in the United States this week. Guaranty Bank, a Wisconsin-based bank, was closed by regulators on Friday, August 11th. The bank’s customers were left with the uncertainty of whether they would be able to recover their deposits.
While such a news would normally spook investors and send shockwaves through financial markets, Bitcoin’s price remained relatively stable in the days following Guaranty Bank’s closure. As of August 14th, Bitcoin was trading at around $4,143, which is only slightly down from its all-time high of over $4,500 earlier this month.
This indifference towards traditional banking failures is one of the key selling points of Bitcoin and other cryptocurrencies. By operating on a decentralized and trustless platform, Bitcoin eliminates the need for a central authority or intermediary to facilitate transactions. This means that Bitcoin transactions cannot be frozen or reversed by a bank, and there is no risk of bank failures affecting the value of Bitcoin.
Moreover, Bitcoin’s decentralized nature ensures that it is not subject to the same market forces that affect traditional assets like stocks and bonds. Unlike stocks, which are typically traded on centralized exchanges, Bitcoin is traded on a global network of decentralized exchanges and platforms. This global reach means that market events in one region or country are less likely to have a significant impact on the overall value of Bitcoin.
The relative stability of Bitcoin in the face of bank failures is a testament to the growing maturity and acceptance of cryptocurrencies as a legitimate asset class. As Bitcoin and other cryptocurrencies continue to gain mainstream recognition, it is expected that they will become increasingly immune to traditional market forces.
Of course, there are still risks associated with Bitcoin and cryptocurrencies in general. The lack of regulation in the crypto market has led to instances of fraud and theft, as well as price volatility. However, as more reputable companies and institutions enter the market, and governments begin to establish regulatory frameworks, these risks are expected to decrease.
In the end, Bitcoin’s ability to ignore traditional bank failures only strengthens its position as a viable alternative to traditional banking. As the cryptocurrency market continues to evolve and mature, it is anticipated that Bitcoin will become an even more attractive investment option for both individuals and institutional investors alike.
Although in theory Bitcoin is digital gold in practice it's a wildly speculative asset with no correlation to Fed moves. I'm way short BTC. I think when the financial sht hits the fan people will bail. I can't see it holding the 30,000 price level.
The cryptocurrency market is expected to have a significant year in 2023, with predictions of a bull run on the horizon. Analysts have cited various factors that may contribute to the growth of the leading cryptocurrency, including the global macroeconomic environment, stock prices, inflation, Federal Reserve data, and a possible recession. Increased inflation and a declining trust in traditional financial systems may also play a role. To stay informed and potentially benefit from market movements, and signals provided by Experts such as Thomas Frederick Crypto.
My mom and I are getting great returns on our investment with Ms. Nancy Marie Mar, her skills on set are amazing.
The best time to invest in any crypto was the first time you heard of it. The second best time is now that you are realising you didn't invest earlier before. The most important thing is that investors are making money on a daily basis.
FORT KNOX is empty and so is my Kettle One time to buy the BTC dip and take a sip nice vid cheers Pomp
Hope you lose your @ss in the promotion of FTX lawsuit.……
How can i get more profitable investment in the market? is this pump short getting wrecked and liquidated, or any
indication of whale, corporate treasury buys?
Bang Bang?
This guy is a liar don't know how anyone listens to him buy gold and ignore this guy
This is hilarious. Anthony's blaming account holders, not the banks for their greedy, unregulated behavior. Now the taxpayer will bail out the banks, yet again. Anthony bitches about student loan forgiveness but says nothing about this multi-billion dollar Bank Bailout 2.0. The government protects their own. The American working class is struggling with high rent and inflation. The Treasury is lying. The American taxpayer is on the hook for bailing out bankers. America is a crony-capitalist country, socialism for the rich, capitalism for the poor.
I Feel LIKE THE HOLE SEASON IS OVER, I'M TRYING TO GET INTO TRADING AS A ROOKIE, BUT IVE HAD SO MUCH LOSS TRYING TO TRADE ON MY OWN, PLEASE WHAT STRATEGIES DO I NEED TO EARN PROFITS FROM THE MARKET
TX represent!
Will this effect credit unions which are member associations?
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works.
<I am new to the stock market. Every stock that I bought so far, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks.I believe having 95K yearly income would be a good investment so I want to plug all my savings into the stock market. I know this sounds a bit dull but I would like to know if I should learn investing or let somebody else (more capable like a Fin-Advisor) do it for me? Please share your thoughts. I am kind of tired of searching for a good stock to buy and losing all the good opportunities.>
FED F*UKED all Banks
You'd literally have to be a complete moron to invest in this useless garbage.