Deposits in banks fall as investors jump into Bitcoin
Briefly
- data from the Federal Reserve showed that between March 8 and March 15, banks’ deposits fell significantly.
- Small US banks’ borrowing rates reached their highest levels during the same time frame.
- In the meantime, Bitcoin has gained 35% in the past two weeks.
Between March 8 and March 15, fears of a banking collapse led to a significant drop in bank deposits in the United States. Bitcoin, on the other hand, rose 35% in the last two weeks.
According to data provided by the Federal Reserve, deposits at all commercial banks in the United States decreased by $98 billion during that week, while those at the top 25 banks increased by $67 billion. This indicates that customers moved their money from smaller banks to larger ones that were thought to be too big to fail out of fear of a banking collapse.
Additionally, this conduct highlights the concern that the government may not assist the smaller banks, particularly if they are not regarded as being of systemic importance. Tyler Winklevoss, co-founder of Gemini, said that the banking system in the United States is like a modern caste system. People who bank with the biggest banks are safe, but the rest are vulnerable to risks.
Banks Borrowing at Unprecedented Rates
Concerns about the possibility of a banking system crisis have not been completely dispelled, however, by the government’s and major banks’ efforts to calm the public. A few clients are as yet moving assets out of little banks, driving the banks to get at a disturbing rate to forestall bank runs.
According to CNN, the rate at which small U.S. banks borrowed money reached its highest level since the turn of the century. This week, the banks borrowed $669.6 billion, according to the report. However, according to analysts, this is merely a bank run-preparation effort and does not necessarily indicate a current issue.
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US Investors Pile Into Bitcoin
Coinbase previous CTO Balaji Srinivasan called attention to that financial backers for the most part exit debasing monetary standards during trouble. He adds that he anticipates Bitcoin (BTC) to take over as the global reserve currency and that this is where the U.S. dollar currently resides.
Bitcoin has risen by 35% in the last two weeks to $27,944 during this banking crisis. BTC bulls have predicted that the banking system will collapse soon and that the flagship asset could rise to $1 million.
