Bitcoin has experienced an impressive surge recently, leaving many investors wondering if there is a fundamental reason behind it. Altcoin Daily has shed light on the matter, attributing Bitcoin’s rally to banks receiving government bailouts, especially in the wake of the Circle incident.
Banks in America and around the world are experiencing a crisis, but this has not stopped the US government from bailing them out. Silicon Valley Bank (SVB), which had $3 billion in Circle’s funds, was in danger of experiencing a deep pegging event. But when the government announced that it would backstop all depositor funds, markets rallied, and Bitcoin followed suit.
Credit Suisse, a Swiss bank, also secured a $54 billion lifeline from the Central Bank of Switzerland, which is good news for Bitcoin for two reasons. Firstly, it keeps the market’s level, and secondly, it exposes the inherent flaws in the central banking system.
Swiss Cheese Finance: The Future of Decentralized Stock Exchanges
Swiss Cheese Finance is developing a set of products and services that aim to simplify the way stocks, shares, and bonds are traded. By eliminating intermediaries and reducing the risk of cyber attacks, Swiss Cheese Finance provides a more secure, accessible, and efficient way to trade.
Swiss Cheese Finance operates on a decentralized platform that eliminates the restriction that often limits accessibility on traditional stock exchanges. With low transaction fees and increased transparency, Swiss Cheese Finance is poised to become the future of decentralized stock exchanges. Altcoin Daily thinks this is also boosting Bitcoin’s price.
Ethereum’s Shanghai hard fork upgrade set to improve the network
In related news, Ethereum, which is the second-largest cryptocurrency by market capitalization, is set to undergo a hard fork upgrade on April 12th. This upgrade, known as the Shanghai hard fork, will allow users to withdraw their staked ETH, which is a highly anticipated event in the crypto world.
Apart from allowing users to untake their ETH, the upgrade also includes several proposed changes related to the Ethereum virtual machine (EVM) object format. These changes will set the stage for sharding, which will add scalability and faster transaction processing for Ethereum.