First time since June last year that Bitcoin has reached over $28,000

According to trading data released on Monday, the largest cryptocurrency, Bitcoin, has surpassed $28,000 for the initial time since June 2022, despite the ongoing global banking crisis.

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As of 4:38 am on Monday, Bitcoin was trading at about $27,383 on the Binance cryptocurrency platform, down from just over $28,000 on Sunday night.

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By the end of January, it was reported that traders' risk-taking strategies had returned to the market and that Bitcoin's performance had been on the rise over the previous few months due to expectations that the US Federal Reserve would change its stance on interest rates.

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According to Trade Algo, while the value of cryptocurrencies increased by almost 40% in 2022, Fed bonds barely recovered last year's historic losses. The report further argued that while the Fed's anticipated halt to raising interest rates has increased demand for bonds once more, they are still insufficient to make up for 2022's losses.

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Study: 200 US banks are at risk.

Recent analyses imply that approximately 200 US banks may have undiscovered financial issues, indicating that the banking crisis identified a week ago in the world's biggest economy may be more serious than initially thought. 

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Researchers claimed that "there are 186 banks with such a negative insured deposit coverage ratio" in their study Monetary Tightening and US Bank Fragility in 2023.

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According to the researchers' estimations, these banks are definitely at risk of a run even in the absence of additional government action or recapitalization.

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According to a research released last week, banks with shaky balance sheets were exposed to insured deposits worth $300 billion.

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According to the analysis, the deposit insurance program would sustain losses of about $10 billion. "There wouldn't be any money left for the remaining uninsured depositors if the FDIC closed these banks after a run. In other words, it would have been sensible for depositors to decide to leave.

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Biden's economic policies "produced the conditions that led to SVB's significant losses and ultimately the bank run," said Republican Congressman Gosar in a statement.

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When interest rates were low, largely as a result of President Trump, "SVB invested a large portion of its deposit accounts in home loan securities and Treasury bonds. It seemed like a sound investment at the time, but when Bidenflation started to run out of control, it forced the Fed to raise interest rates," he continued.