🔥According to a recent announcement from the Federal Deposit Insurance Corporation (FDIC), up to 63 banks are facing financial difficulties with a total loss of up to 517 billion USD due to bad debt and decline in bond value. . This situation is putting great pressure on the US banking system.
Although #FDIC affirmed that the risk to the entire banking system is not high, it warned that prolonged inflation, high interest rates and political instability could make the situation worse. This development is likely to create mixed impacts on the cryptocurrency market.
On the one hand, the instability of the traditional financial system may cause the public to appreciate the transparency and decentralization of cryptocurrencies, increasing investment demand in this sector. On the other hand, if the situation becomes more serious, it is possible that the entire global economy will go into recession and investors may withdraw capital from all investment channels including #crypto
