• The recent downfall of American banks did not affect the crypto market, with many leaders of the crypto space blaming CNBC’s Mad Money host Jim ‚Inverse‘ Cramer for the financial crisis.
• Many prominent figures in the crypto sphere voiced their opinion on the banking crisis, with some light-hearted and edgy takes on it.
• Binance Boss Changpeng ‚CZ‘ Zhao blamed the crisis on printed-out fiat currencies, which are „a risk to fiat-backed stablecoins.“
America’s Banks Crash
The recent downfall of American banks didn’t surpass the crypto market, as seen in the recent case of Silvergate bank crash. Soon after, Silicon Valley Bank shares plunged after it was revealed that banking giant had to sell majority of their securities at a loss. This caused some traders to apply ‘Inverse Cramer’ tactics and enjoy multiple altcoin rallies after Jim Cramer publicly blasted Dogecoin (DOGE), Solana (SOL), Cardano (ADA), and most recently – Bitcoin (BTC). BTC broke $26,000 for first time since June 2022 and recorded historic daily run with 18% gains accelerated right after FED rate announcement.
Crypto Leaders Take To Twitter
Many leaders of crypto space tend to believe that controversial CNBC’s Mad Money host Jim ‚Inverse‘ Cramer is be blamed for financial crisis due to his confident endorsement of Silicon Valley Bank just a month ago which turned out opposite expectations. Crypto traders enjoyed multiple altcoin rallies after Jim Cramer publicly blasted Dogecoin (DOGE), Solana (SOL), Cardano (ADA) and Bitcoin (BTC). On top of that Charles Hoskinson pointed out recent attacks on Tether, Circle and Paxos and confident way crypto handled setbacks while Binance Boss Changpeng ‚CZ‘ Zhao blamed crisis on printed-out fiat currencies which are „a risk to fiat-backed stablecoins.“
Lightening Up The Mood
Many prominent figures in crypto sphere voiced opinion regarding banking crisis with both light-hearted aned edgy takes one situation caused by same financial institutions deeming cryptocurrency as „super risky.“ Cardano founder Charles Hoskinson noticed this trend while Binance boss Changpeng Zhao blamed printed-out fiat currencies for current woes commenting that Do Kwon founder Terra was right to make cryptocurrency backed stablecoin but failed miserably in execution.
Tweets From Crypto Leaders
BlueCollarDangerous tweeted “Almost miss when Jim would say, “It’s all going to zero. Was one of my favorite digital asset mini rally indicators..” Charles Hoskinson tweeted: “Circle/Paxos/Tether: ‘we’re going to hold collateral mostly in cash and T-bills.‘ Nothing happens. Government: ‘CRYPTO IS SUPER RISKY.’Banks: ‘we’re going to hold collateral mostly in longer-dated TradFi bonds.‘ Banks fail. Government: ‘SEE, CRYPTO IS SUPER RISKY.’” Meanwhile Binance boss Changpeng Zhao commented on printed-out cash stating that they were a risk to fiat backed stablecoins while also noting that Terra founder Do Kwon was right about making a cryptocurrency backed stable coin but failed miserably in execution.
Conclusion
Despite all these events happening within quick succession from each other many leaders from the cryptocurrency community tried their best at keeping the mood light hearted through jokes whilst also voicing their opinions regarding what has been happening throughout this time period
