Nothing exists in a vacuum. Circle had a wedge of reserves held via SVB. Ripple confirmed similar after the fact. Then there was Signature (banking a lot of crypto projects and startups) - which was dealt with - but prior to being dealt with, thoughts were on contagion. Stablecoins are important in the crypto ecosystem. It makes complete sense that BTC took a hit against that background. It's shown remarkable resilience. Even before the Fed announcement on bailing out SVB customers, it was back up to $21.5K. This past 18 months or so has seen everything thrown at it and its still above $20k.@tecate what are your thoughts on Bitcoin losing ~10% of its value on Friday as SVB unravelled and how the price remains linked to the fiat banking shortcomings?
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