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Dollar destabilization drove cryptocurrency prices higher after Biden’s remarks

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Interesting

The destabilization of the situation in the US banking system and the situation with the dollar has propelled cryptocurrencies to the fore. They are increasingly used to store money. Analysts agree that the “crypto” is less dependent on the crisis, which has already begun.

This was told to the correspondent of the publication URA.RU by an analyst, a cryptocurrency expert Mikhail Khudokormov.

Recall that in the past few days in America the country’s banks Silicon Valley Bank and Signature Bank went bankrupt, they are called one of the largest. Most likely, the United States is facing a banking crisis. President Joe Biden doesn’t think so. Many experts were quick to disagree with him.

Khudokormov says the US banking system has been hit hard. As a result, the dollar has become unstable. Because of this, the bankruptcies of banks began, and not some local ones in one state, but serious financial structures.

“The trigger is 100% – there are problems in the banks, problems with the dollar. What will be better in the foreseeable future? That’s right, a cryptocurrency that is not so strongly triggered by official and stable things, like the dollar exchange rate or the banking sector,” said Mikhail Khudokormov.

Earlier it became known that Russia decided to extend the grain deal for 60 days due to lack of progress in food and fertilizer supplies, Deputy Foreign Minister Sergei Vershinin said. The Kremlin regards such a move as a gesture of goodwill and hopes that the partners will begin to fulfill their obligations.

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