Bitcoin increases over $ 23.5,000 after President Biden's speech

Bitcoin increases over $ 23.5,000 after President Biden's speech

Bitcoin rose by 6 %after US President Joe Biden assured that the American banking system was "safe".

Many alternative coins, including ether (Eth), Binance Coin (BNB) and Cardano (ADA) also to the north.

• The recent collapse of the Silicon Valley Bank and the Signature Bank triggered severe panic, with some predicting the sector.
• In a highly expected speech, the President of the United States-Joe Biden- said that the Americans should have confidence in the local banking system and describe it as "safe".
• He also assured that customer deposits remain available, which means that small companies can "breathe more easily if they know that they can pay their employees and pay their bills".

"Every American should be able to rely on the fact that his insoles are there when he needs them."

• Biden addressed the crisis to the former giant-the Silicon Valley Bank-and explained that "no losses are borne by the taxpayers". Instead, the money comes from fees that distribute banks into the deposit guarantee fund.
• However, the investors of the failed institution will lose their money, because "that's how capitalism works," he said:

"You knowingly took a risk, and if the risk does not pay off, investors lose their money."

• His appearance had a positive effect on the cryptocurrency market, with Bitcoin crossing the 23,500 dollar brand.

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• ETH rose by 4 % and reached $ 1,650, while BNB, ADA, Matic, Doge and other old coins also recorded some serious profits.
• The entire market capitalization of the cryptocurrency rose to $ 1.09 trillion, an increase of almost 12 % compared to yesterday.

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