were that these banks held deposits from the crypto world and therefore their problems were idiosyncratic.
“This is the perfect setting for Bitcoin, Ethereum and the rest of the decentralized financial system to stand out as an alternative system, delinked from the traditional centralized banking system,” analysts Gautam Chhugani and Manas Agrawal wrote. Bernstein says institutional funds and crypto funds have been bystanders in the market, with “crypto native money” behind the recent price moves. As more outside money is forced to participate, the moves higher should become sharper.
The banking on-ramp to crypto may be weaker in the U.S, but continues to be stable internationally, with access through over-the-counter hubs in Asia and Europe, the note said.OTC hubs in the U.S. also seem to be working without interruption, the note added.
BernsteinBuzz BernsteinGautam willcanny99 Time for Blockchain web3 has finally come
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