XRP Lawyer Bets On Bitcoin As Bank Contagion Spreads; Here’s Why

Read full article at Coingape.

XRP News: The global digit asset market printed green indexes amid the erupting bank crisis. Bitcoin, the world’s largest crypto registered a massive surge of more than 34% over the past 7 days while the traditional market is struggling to gain investor confidence. As the bank stocks are tumbling all over, the lawyer representing XRP holders in the U.S. SEC Vs Ripple lawsuit seems to be confident about the Bitcoin price surge.

XRP Lawyer Rooting For Bitcoin

Attorney John Deaton, Amicus Curiae in the XRP lawsuit stated that the bank crisis is spreading quickly. He highlighted the back to back collapses of Silvergate Bank, Silicon Valley Bank, and Signature Bank. However, he mentioned that there are 186 banks that are facing similar troubles like Credit Suisse and First Republic bank.

He added that in a matter of few days, the Federal Reserve has erased $300 billion of the Quantitative tightening over the past year. XRP lawyer believes that this will be Bitcoin’s moment as the bank stocks are struggling.

Also Read: 186 US Banks Face SVB Like Risk; Crypto Bull Run Ahead?

Coingape reported that SVB Financial Group announced that it is seeking Chapter 11 bankruptcy protection. This comes days after its unit Silicon Valley Bank was taken over by the U.S. financial regulators. Read More XRP News Here…

Bitcoin price is up by 7% in the last 24 hours. BTC is trading at an average price of $27, 580, at the press time while setting its target to breach the $28K level. Its 24 hour trading volume is up by 25% to stand at $48 billion.

However, BTC price surge came in when the global traditional market had a major turmoil last week. The recent developing events have already being compared to the financial crisis of 2008.

Also Read: Crypto Bull Run Incoming? Arthur Hayes Hints $4.4 Trillion QE By Fed

The post XRP Lawyer Bets On Bitcoin As Bank Contagion Spreads; Here’s Why appeared first on CoinGape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

MLB team will HODL Bitcoin received from suite sales, says president

Read full article at Cointelegraph.com News. “We’re believers in [Bitcoin] and hopefully it continues to go up and maybe we can find some big free agents with some of the proceeds.” ShareTweetFollow usSaveThis article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, […]

Learn More

Ethereum Developer Calls for the Community to Test the Merge

Read full article at Crypto News.An Ethereum (ETH) developer has called onto the community to help test the so-called Merge – Ethereum mainnet “merging” with the beacon chain proof-of-stake (PoS) system – and the new program’s start seems to have been a success. “Ethereum needs you to test the Merge,” urged the meme accompanying the […]

Learn More

Greenpeace, Ripple co-founder campaigning to change Bitcoin code

Read full article at Cointelegraph.com News. Greenpeace, along with other climate groups, and co-founder and executive chairman of Ripple, Chris Larsen, has launched a new campaign aimed at changing Bitcoin (BTC) to a more environmentally friendly consensus model. The “Change the code, not the climate” campaign aims to pressure key industry leaders, Bitcoin miners, and […]

Learn More