Jamie Dimon, CEO of JP Morgan, issues a warning, citing the failures of #SiliconValley Bank and #SignatureBank that the recent banking crisis raises the likelihood of a US recession.

The recent banking crisis, according to #JPMorgan CEO Jamie Dimon, could make a recession more likely. The closure of Silicon Valley Bank and Signature Bank—the two worst banking failures since the 2008 financial crisis—was named by Dimon in a CNN interview as one of the reasons for the current anxiety in the banking industry.

The effects of the liquidation of the aforementioned banks and Credit Suisse will be felt for years to come, according to Dimon, who just sent a letter to shareholders about the financial crisis. He also spoke on how the crisis would affect the nation's economic situation, expressing concern that it might raise the likelihood of a recession.

The JP Morgan CEO emphasized that while a recession won't necessarily be forced by the #bankingcrisis it would still occur due to lenders cutting back, withdrawing, and limiting lending. This occurs while the US economy continues to look bleak, the battle against inflation intensifies, and the value of the dollar declines.

The warning from Dimon is clearly a dire prediction for the US economy, which is still dealing with a number of difficulties. It is crucial to remember that even if there may be a higher chance of a #recession it is still not a given. Further steps could be done to stabilize the banking industry and prevent a recession as long as the situation is flux.

This news is republished from https://coinaquarium.io/

Bitcoin climbed to a nine-month high on Monday as turmoil in the banking sector prompted investors to turn to digital assets.

The largest cryptocurrency rose to $28,567, its highest value since mid-June 2022. In the last 24 hours, it has produced an increase of almost 4%, while amid growing expectations, central banks will slow down the pace of interest rate increases.

Bitcoin is up 26% in the past week, its best weekly gain since April 2019. It has jumped nearly 40% in the past 10 days as turmoil in the banking sector has spread around the world, culminating so far this weekend with UBS Group's purchase of rival Credit Suisse Group AG.

Traditional assets such as bank stocks and bonds fell on Monday after UBS sealed its takeover of state-backed Credit Suisse, a deal it had to pull to restore confidence in the battered sector.

Leading central banks around the world faced the risk of a rapid loss of confidence in the stability of the financial system on Sunday. Such a global response has not been seen since the peak of the COVID-19 pandemic.

"This impressive rise is the result of the banking crisis"

said Tony Sycamore, an analyst at IG Markets

He predicts that a move towards $32,000 will require Bitcoin to stay above the key support level around $25,000 .

Other market participants have also predicted that Bitcoin will benefit from central bank efforts to bolster liquidity in the global financial system.

In November 202, BTC hit a record high of $69,000 after central banks and governments introduced unprecedented monetary and treasury stimulus measures.

"Momentum is always driven by liquidity"

said Markus Thielson of Singapore-based digital device company Matrixport.

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Sentiment surrounding the cryptocurrency market is the most positive since Bitcoin hit an all-time high nearly 16 months ago.

The Crypto Fear and Greed Index reached its highest index score this year. The last time we saw such a high value was when Bitcoin reached its all-time high in November 2021.

The index's March 21 update showed 68 points, which puts it firmly in the " Greed " range.

Source: alternative.me

The purpose of the Crypto Fear and Greed Index is to quantify the current "feelings and sentiments" regarding Bitcoin and the cryptocurrency market. The highest possible score is 100.

According to data from Coingecko , the index last recorded a score above 66 on November 16, 2021, a few days after Bitcoin hit an all-time high of $69,000 on November 10, 2021.

The sentiment surrounding BTC and crypto has become quite positive since the collapse of Silicon Valley Bank and the resulting collapse of the traditional financial system.

Over the past seven days, Bitcoin has gained about 27.8%, according to Coingecko, and has reached $28,000 for the first time since June 2022.

In a March 20 analysis, Matrixport's head of research at crypto financial services, Markus Thielen, said BTC has several positive indicators as "the liquidity story continues to play in Bitcoin's favor."

The analyst revised his short-term price target to $36,000 for June 2023, while he predicted a year-end target of $45,000.

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