Crypto News: The ongoing U.S. Bank crisis led the Federal Reserve Board to intervene in the messed up situation. The Fed announced that it is prepared to address any kind of liquidity pressures that may arise ahead from here. However, additional funding will be made available with the formation of the Bank Term Funding Program (BTFP).
Fed To Rescue Banks From Crisis
Newly build BTFP is made to offer loans of up to one year to banks, credit unions and other eligible depository institutions. Its bailout report is set to drop out on March 17, 2023 and Arthur Hayes, Co founder of BitMEX crypto exchange feels that it can impact the crypto industry in a positive manner.
BitMEX CEO stated that the BTFP bailout report is the most important financial event since COVID. He suggested that if anyone can speculate this correctly then they will set up themselves for a big profit. However, he seemed very optimistic ahead of rolling out the report for the crypto Bull market.
Also Read: Silicon Valley Bank Likely To Be Sold To Another Bank And Not VCs
The recent collapse of the three major crypto friendly banks caused mega damage to the digital asset market. USD Coin (USDC), dollar pegged stablecoin lost its $1 value to drop by a heavy 10%. Bitcoin (BTC), the world’s second largest crypto witnessed massive withdrawal as its price dropped to trade under $20K. Read More Crypto News Here…
However, the crypto market registered a broad recovery as the financial institution came in to handle the situation. Bitcoin price went on to breach the $26K price level.
Over the past week, Silicon Valley Bank (SVB) and Signature bank were seized by the regulators as the depositors feared for their money. Meanwhile, the Federal Reserve, the treasury department, and the FDIC announced that they would make sure that the depositors would get access to their funds.
Also Read: Elon Musk Backs Cathie Wood’s Bullish Crypto Comment Amid Banks Crisis
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
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This article has been originally published at: https://coingape.com/crypto-news-arthur-hayes-bullish-for-crypto-ahead-of-btfp-bailout-report/