Cryptocurrencies, notably Bitcoin, witnessed a rally as Moody’s downgraded 10 U.S. banks and flagged others, creating an environment of uncertainty in the banking sector.
This has led to a growing sentiment that Bitcoin could act as a safe haven in times of banking turmoil, as reflected in the decoupling of its correlation with the stock market.
With excitement in the air, CNBC has reported that cryptocurrencies rose sharply on Tuesday following Moody’s rating cut of 10 U.S. banks, putting Bitcoin in the spotlight as a potential safe-haven asset.
A Change in the Wind for the Banking Sector
Early Tuesday morning, Moody’s cut the ratings of some significant names such as Bank of New York Mellon, U.S. Bancorp, State Street, and Northern Trust, putting them on downgrade watch. This action reignited investors’ interest in Bitcoin, leading to a 2.89% increase to $29,785.88, according to Coin Metrics.
US Banking Crisis: A Deepening Worry
Moody’s actions extend far beyond those 10 ba
Bitcoin Association appoints first China-based technical outreach specialist to increase enterprise awareness of Bitcoin SV
Aaron Zhou will work alongside Bitcoin Association’s global team and China-based staff to engage with business, technology and…
