Tesla CEO and Twitter owner Elon Musk has placed FTX, which swept the market with a dramatic collapse, among the world’s biggest economic failures. Billionaire businessman Elon Musk shared his views on the bank crisis and the crisis surrounding the failure of banks amid the market FUD.
With bank crashes, crypto market diverged from stock market
cryptocoin.comAs you can follow from , there has been the collapse of giant banks and its effects in the focus of the markets recently. Tesla CEO Elon Musk also shared his views on the ongoing crisis surrounding bank bankruptcies. Musk’s statement of opinion comes amid heavy criticism of the way banks are handled by regulators. The failure of Silicon Valley Bank (SVB) and Signature Bank in the United States, and the recent emergency merger agreement involving Credit Suisse and the UBS Group, led to a sharp drop in the value of bank shares in the markets.
However, in the current situation, the crypto market has an inverse correlation with the macro behavior dominated by the news of the bank crisis. Leading crypto Bitcoin and most altcoins have started a rally in anticipation that the Federal Reserve will now stop after the banks fail. In this process, Bitcoin managed to rise above $ 28,000 from $ 20 thousand. It continues to be traded close to this level at press time. The leading altcoin Ethereum (ETH) also followed a similar path to Bitcoin. In this process, ETH started a rally from the $1,500 levels to $1,800.
Meanwhile, Federal Deposit Insurance Corp (FDIC) is refining the tender process for the acquisition of Silicon Valley Bank (SVB), which now operates as a nationally chartered bank. News of the Credit Suisse and UBS merger plunged shares of banks and bonds on Monday as the deal effectively put $17 billion in Credit Suisse bonds in writing and caused huge losses to investors in risky bonds.
Elon Musk: FTX is one of the biggest fiasco in the world!
In his latest Twitter post, Tesla CEO Elon Musk has placed the failed Bitcoin exchange FTX among the likes of Lehman Brothers, Credit Suisse and Silicon Valley Bank. This reflects Musk’s view of the devastating impact of the dramatic collapse of Sam Bankman-Fried’s company.
In addition to being famous in the crypto world for his links to the meme coin Dogecoin (DOGE), he is also known for his close ties to Binance CEO CZ. This was confirmed after it was announced that the crypto exchange had purchased a stock on the Twitter platform.
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