Bitcoin and altcoin markets have been experiencing quite active moments in recent days. Silicon Valley Bank (SVB) bankruptcy following the Silvergate collapse and subsequent de-peg of some stablecoins; negatively impacted the market. Today, however, it turned out that Signature Bank was closed. These developments triggered investors’ curiosity about what’s next. For this reason, the current comments of experts are followed closely. In this article, we will talk about a financial expert’s Bitcoin (BTC) warning. Here are the details…
What’s worse for bitcoin and altcoin projects?
Cryptocurrency markets took a dip on Friday, March 10, after eight of the top 10 stablecoins were mined from the $1 stablecoin. cryptocoin.com As we reported, a handful of exchanges, including Binance, have temporarily suspended USDC withdrawals until banks open on Monday. However, stablecoins are now stable after the drop, while withdrawals continue.
A leading financial writer who predicted the collapse of Lehman Brothers in 2008 warned that stock markets could crash in the next 60 days. If the stock markets crash, the cryptocurrency markets could go down with it. Finance writer and founder of The Bear Traps Report, Larry McDonald, predicted that stock markets could crash in the next 60 days. In a recent interview with Fox News, McDonald warned that middle-class families in America are “drawing capital” from banks at an “amazing” rate. He added that the record withdrawal volume could set the stage for economic turmoil.
Markets could crash in 60 days
McDonald claims that Federal Reserve Chairman Jerome Powell’s aggressive stance on rising interest rates is further fueling the impending collapse. “They are playing catch. When they opted for quantitative easing in 2021, inflation started to rise, and now they are trying to catch up,” he said. McDonald, known for his articles on the Lehman Brothers collapse, warned that stock and cryptocurrency markets could collapse in 60 days.
“Our 21 Lehman systemic risk indicator looking at equity and credit points to one of the highest probabilities of a stock market crash over 60 days,” the expert said. The collapse of Silicon Valley Bank, the loss of stablecoins and US regulators shutting down Signature Bank all point to financial turmoil. The next few weeks may determine how the stock and cryptocurrency markets will fare in 2023. Meanwhile, Bitcoin is up 9 percent in the last 24 hours in anticipation of a bailout for Silicon Valley Bank. The coin is changing hands at $22,238 at the time of writing.
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