Catch the Bitcoin Wave: Banking Crisis Could Mean New Safe Haven

Alisha Deo

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• The banking crisis in America and Europe has been two-fold, creating a state of fear and a “safe haven” status for bitcoin.
• First Republic Bank was acquired by regulators and most of its assets were circulated to other banks like JPMorgan Chase.
• Bitcoin and Ethereum have seen an increase in accumulation by small addresses due to supply issues overhanging the market.

The Banking Crisis

Early last month, regulators acquired First Republic Bank and circulated most of its assets and deposits to institutions like JPMorgan Chase. This marks the third major bank failure this year, and it’s making a lot of people think the days of the 2008 Great Recession are on their way back. The banking crisis in America and Europe has been two-fold in many ways: creating a state of fear that another big financial crisis is coming again, as well as providing a new “safe haven” status for bitcoin and many of its digital cronies.

Bitcoin Accumulation

Alex Thorn – head of firmwide research at Galaxy – commented in a recent interview that Bitcoin accumulation by small addresses is outpacing issuance, providing a supportive supply narrative to Bitcoin’s price increase. Ethereum staking is also expected to rise, making these two currencies stand out among others during this period of financial strife.

Near Term Catalysts

Thorn continued with an outlook on what near term catalysts could mean for Bitcoin’s future: It’s unclear whether the banking crisis narrative can continue to be a boon for bitcoin…Bitcoin and ether started 2023 inorganically cheap, allowing for plenty of room to move higher off a low-base effect. A widening banking crisis became evident in March, which provided further support for both currencies due to their transparent nature compared to traditional finance systems.

Macro Environment

Thorn also commented on the macro environment being characterized by tightening, recession, and expanding multipolarity: all factors which can be supportive of gold and bitcoin prices going forward. The sentiment is that the current baking crisis could bring about an influx of investment into cryptoassets due to their decentralized structure compared with traditional finance systems.


In conclusion, it seems that while there may not be clear positive near-term catalysts driving up Bitcoin’s price yet, there are still underlying macroeconomic trends which could prove beneficial for cryptocurrencies like Bitcoin or Ethereum going forward – especially if more banks fail as we saw with First Republic Bank earlier this year. Ultimately time will tell how exactly these trends unfold over the long term but as it stands now there may be cause for optimism when it comes to investing in cryptoassets during this period of uncertainty surrounding traditional finance systems worldwide