BTC price unaffected by Silvergate Bank’s difficulties, says CEO of 21.co
According to reports, Hany Rashwan, CEO of cryptocurrency company 21. co, said that the difficulties of Silvergate Bank, including the closure of its cryptolen…
According to reports, Hany Rashwan, CEO of cryptocurrency company 21. co, said that the difficulties of Silvergate Bank, including the closure of its cryptolending platform SEN, would not necessarily affect the price of BTC. On the contrary, the recent price level is attributed to macroeconomic factors. The story of Silvergate has not yet been determined, but the price performance of BTC is now affected by macroeconomic factors, and inflation is still rampant. I think we haven’t got out of the trouble yet. We will continue to see interest rates rise, but it is really difficult to show whether the market has put its price in.
21. co CEO: Silvergate’s dilemma and the closure of SEN have no material impact on Bitcoin
Analysis based on this information:
In a recent report, CEO of cryptocurrency company 21.co, Hany Rashwan, said that Silvergate Bank’s difficulties and the closure of its cryptolending platform SEN would not necessarily impact the price of BTC. Rashwan suggested that the recent price level of BTC is beyond the control of Silvergate Bank as it is mainly determined by macroeconomic factors. While the story of the bank is still developing, the inflation rate remains high, thereby making it difficult to assess the impact of macroeconomic factors on the BTC market.
The statement from Rashwan highlights the independence of the BTC market from the traditional financial system, which runs on fiat currency. The fact that the recent performance of BTC is not being influenced by Silvergate Bank’s problems shows that the cryptocurrency industry may be less risky and more secure than traditional banks. Additionally, Rashwan’s comment that inflation is still rampant underscores the reliance of BTC on economic factors that affect other commodities, indicating that BTC is not entirely immune to market forces.
Despite Rashwan’s assessment that the market is not entirely out of the woods yet and the difficulties posed by inflation rates and rising interest rates, the lack of Silvergate Bank’s impact on the BTC price suggests the resilience of the cryptocurrency industry. The decoupling of the BTC price from traditional financial systems may serve as a counterweight to the uncertainty surrounding the traditional financial market, and instead represent a reliable barometer of the health of the global economy due to the macroeconomic factors that Rashwan emphasizes.
In conclusion, the statement from Rashwan that the BTC price is not significantly affected by Silvergate Bank’s difficulties is a sign of strength for the cryptocurrency industry. Despite the market’s hurdles, BTC is proving to be an independent and resilient investment option. The primary focus is on macroeconomic factors, which remain influential in the BTC market, and inflation rates need to be monitored closely. The independence of the BTC market, coupled with its entrenched dependence on macroeconomic factors, suggests that it could be a valuable indicator of the health of the global economy.
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