• Charles Hoskinson, the founder of Cardano, calls for “crypto de-risk” from banks in light of recent banking crisis.
• Bitcoin and other altcoins have delivered a strong rally amid the crisis.
• Crypto is facing challenges to re-establish its connection with banking system.
Crypto Needs to De-Risk: Charles Hoskinson
Charles Hoskinson, the founder of Cardano, recently called for “crypto de-risk” from banks amidst the ongoing banking crisis. As traditional financial systems fail to deliver, there’s a growing demand for decentralized alternatives that reduce an individual’s dependence on such institutions.
Strong Rally of Bitcoin and Altcoins
The cryptocurrency market has shown strong resilience to the recent banking crisis with Bitcoin and altcoins delivering a strong rally. Bitcoin’s surge past $25,000 has been widely discussed as BTC emerges as a beacon of hope when traditional systems are faltering. Not only Bitcoin but other altcoins have also performed extremely well during this time.
Regulatory Heat on Crypto-Friendly Banks
US regulators have turned up the heat on crypto friendly banks last week soon after the Silicon Valley Bank crisis when Fed and FDIC intervened announcing shutdown of Signature Bank. This failure could have implications for crypto industry and token markets as well as stablecoins.
Tougher to Find Cryptocurrency Friendly Banks
Several crypto companies report that it is getting tougher to find banks willing to offer services to them which further demonstrates how difficult it can be for crypto firms to re-establish their ties with traditional banking system.
Conclusion
Despite all odds faced by cryptocurrency including regulatory backlash it continues its growth potentially replacing traditional banks in future if digital assets are able to digitize treasuries completely.