The U.S. Under Secretary of the Treasury for Domestic Finance, Nellie Liang testified in front of the House Financial Services Committee on Wednesday.
Her thoughts on the crisis involving Silicon Valley Bank and Signature Bank …
"I don't believe that crypto played a direct role in either of the failures."
- Nellie Liang
Here are the details.
Bitcoin has yet to cross the $30,000 mark, but news like this could be the catalyst it needs.
One of the initial ideas behind the crisis was the massive crypto selloff in 2022.
It turns out the main culprit was a lack of risk management. There was too much liquidity stuck in bonds losing value as a result of FED interest-rate hikes.
And the damage was so severe because smartphones helped the news spread like wildfire.
Crypto enthusiasts are having a nice time patting themselves on the back. But it's not over …
Everyone can recognize the disdain the central U.S. government has for crypto.
Here's a recent opinion story from CoinDesk.
The road is tough ahead.
But the volatility will remain.
We don't see any new plays today. But keep an eye on the scanner.
And don't forget to add XRP to your watchlist. We spoke about it yesterday, Ripple's case with the SEC.
XRP is the major token and it's consolidating after a run …
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