With the financial crises involving big banks like Silicon Valley Bank, Signature Bank and Silvergate in recent weeks, investors are flocking to crypto alternatives. While many experts were discussing the US Financial crisis, many tokens, especially dYdX, were positively affected by this crisis! Here are the details…
Investors turned to dYdX and these altcoins as the banking crisis continued
The US financial crisis continues to grow. While raising the concerns of investors with the closure of several banks, the increases in the price of some DEX and CEX tokens stirred the market. Although it is still unclear whether the banking crisis is the only reason for the price increase in the cryptocurrency market, data shows that OKB rose 14 percent, GMX 10 percent, dYdX 10.8 percent and Gate (GT) 5.8 percent.
However, the cryptos that have risen after the blow of the crypto money market in the past days are not only these 4 altcoins. Another altcoin, SNX, which is the address of investors trying to get rid of the banking crisis by rising in the market, stands out with an 8 percent increase in the last 24 hours. However, the overall value of the cryptocurrency market is momentarily at $1.08, which represents an increase of over 5 percent. While the stocks that many companies are heading towards are seeing heavy losses in double digits, this rise in the crypto money market also reveals the increasing adoption rates.
Featured DEX and CEX coins announced
With the recent bank failures raising concerns, some experts think the financial crisis is imminent for the United States. Investors, on the other hand, are turning to the crypto industry as a safe haven. DEX and CEX Coins, which experienced the highest rise in the midst of the crisis, are as follows:
CEX tokens with the highest rise in the last 24 hours:
- Zipmex (ZMT) – 16.7%
- WhiteBIT Token (WBT) – 16.4%
- OCD (OCD) – 14.2%
- WOO Network (WOO) – 10.3%
- Birake (BIR) – 8%
- BitMEX (BMEX) – 5.9%
- FTX (FTT) – 7.5%
- Gate (GT) – 5.8%
- BITO Coin (BITO) – 5.2%
- Cronos (CRX) – 5.7%
DEX tokens with the highest rise in the last 24 hours:
- Value DeFi (VALUE) – 20.6%
- ZeroSwap (ZEE) – 18.7%
- Hera Finance (HERA) – 15.6%
- SpiritSwap (SPIRIT) – 11.6%
- SpookySwap (BOO) – 11%
- dYdX – 10.8%
- Synthetix Netrowk (SNX) – 10%
- Standard Protocol (STND) – 9.5%
- MUX Protocol (MCB) – 9.2%
- LuaSwap (LUA) – 8.7%
What had happened?
As we reported as Kriptokoin.com, the most striking of the bank crashes in the past few weeks is Silicon Valley Bank. After the bank’s crisis, multinational investment bank HSBC took over the bank’s UK operations, helping clients in the UK. However, the Federal Reserve has decided to close Signature Bank, which advertises itself as a crypto-friendly bank. Officials pointed to system risk as one of the reasons behind the decision. Finally, missing its annual report filing, Silvergate filed for bankruptcy and caused massive panic in stablecoins.
Many USDC investors opted for Tether (USDT) due to the large amount of USDC tokens owned by the bank. On the other hand, some experts think that these actions of regulators on banks are directed towards the cryptocurrency industry. According to a Signature Bank board member who made statements on the subject, this situation experienced by banks is considered as a “strong anti-crypto message”.
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