Is the digital currency industry benefiting from the banking crisis?

Many crypto companies have looked forward to the advancement of the cryptocurrency industry, and the recent banking crisis may have contributed to the boom in the cryptocurrency market.

Over the past week, many traditional banking institutions have been turbulent, and the recent bank collapse has had a crisis similar to that of 2008.

According to financial reports, some stocks declined, with a sharp decline in European banking stocks.

Deutsche Bank (ETR:) Deutsche witnessed a 14% drop in stocks, in addition to the failure of many other financial institutions.

The S&P 500, a measure of the performance of the 15 largest banks in the United States, fell 19% over the past month.
Crypto companies are profiting from the financial crisis

Gabby Kusz, CEO of the World Association for Digital Assets and Cryptocurrencies, confirmed the movement of crypto companies to develop their activities.

Perhaps this will restore confidence in digital currency systems, especially after the recent banking crisis experienced by US banks.

He added that the trip was characterized by instability and price fluctuations, whether in the price of a currency or other financial assets.

The crypto expert believes that the cryptocurrency market will benefit from growth, development, and stability over time.

With the help of the regulatory sectors, the crypto backer believes that the industry market will see more prosperity.
Banks avoid digital currencies

The Silicon Valley SVB crisis, and many of the banks supporting the cryptocurrency industry, has caused others to move away from the industry.

As the recent crisis affected many banking sectors and financial institutions that expected the crypto industry to be a cause of collapse.

Indeed, the banks that deal with the digital currency industry have shrunk, as some of them stumbled and searched for other partners that did not work with digital assets.
Is Bitcoin benefiting from the recent financial crisis?

Bitcoin achieves a degree of transparency that is not found in traditional banks, and therefore some may abandon the traditional outdated banking structure.

And with more blockchains, many banks will move to support cryptocurrencies.

Perhaps the upward move of the Bitcoin currency is the reason for the support of many investors, and the desire of others to invest in the encrypted currency.