The Bitcoin & Crypto Market JUST Flipped..🚀 [Joe Biden Speech, Barney Frank, Signature Bank FAIL]

The Bitcoin & Crypto Market JUST Flipped..🚀 [Joe Biden Speech, Barney Frank, Signature Bank FAIL]

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🚨 Largest US Bank FAILURE (just like 2008)! ⚠️ ‘LAST CHANCE’ Pull your money out!

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00:00 Intro
00:50 Joe Biden Speech Today: Silicon Valley Bank Bailout – Explained
03:53 Why is Bitcoin Going Up Today?
04:30 US Crypto Companies Are STILL in Trouble.. Post SVB Collapse
05:57 Barney Frank “Regulators Are Trying to Kill Off Crypto”
06:43 Okcoin Suspends USD Deposits.. Post Signature Bank Closure
07:46 CZ Binance Buying $1B of BTC, BNB, & ETH
08:11 The Crypto Market Just Flipped..?

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Today thanks to the quick action of my Administration over the past few days Americans can have confidence that the Banking system is safe Bitcoin is up Almost 18 in the last 24 hours very Clear signal from the market that a Decentralized currency that allows you To become your own bank is valued in Light of recent developments and while a Bailout just happened I'll read you the Joint statement by the treasury the Federal Reserve and the FDIC what's Really happening with crypto is so much Bigger nobody's left to bank crypto Companies so while silvergate Bank Silicon Valley Bank and more recently Signature Bank all got taken over and While depositors will now be made whole Thanks to Joe Biden thanks to this Bailout now there's basically nobody Left to bank crypto companies in the US So before we get to crypto here's Joe Biden this morning announcing the Details of what just happened on Friday The government regulator in charge the FDI I see took control of Silicon Valley Bank's assets and over the weekend it Took control of signature Banks assets Treasury secretary Yellen and a team of Banking Regulators have taken action Immediate action and here are the Highlights first all customers who had Deposits in these Banks can rest assured I want to rest assured they'll be

Protected and they'll have access to Their money as of today so this of Course provides a lot of relief to all The businesses that banked with those Banks depositors will have access to all Their money starting Monday March 13th No losses associated with the resolution Of Silicon Valley Bank or Signature Bank Will be borne by the taxpayers no losses And this is an important point no losses Will be borne by the taxpayers let me Repeat that no losses will be borne by The taxpayers instead the money will Come from the fees that Banks pay into The deposit Insurance Fund because of The actions of that because of the Actions that our regular is already Taken every American should feel Confident either deposits will be there If and when they need them So it's Wall Street not taxpayers who Will pay for the svb in signature Deposit relief plans the money to fully Reimburse depositors will be furnished By other Banks not taxpayers says the Treasury the deposit Insurance Fund Which will cover the deposits is funded With quarterly fees assessed on Financial institutions and interest on Government bonds now in addition to this The U.S fed announced 25 billion dollars In funding to backstop Banks the new fed Facility will offer loans of up to one Year and if that is not giving out those

Loans for nothing those taking advantage Of the facility will be asked to pledge High quality collateral like treasuries Agency debt and mortgage-backed Securities and all these major Regulators were very clear these firms These banks are not being bailed out Depositors are being protected the Management of these banks will be fired If the bank is taken over by FDIC the People running the bank should not work There anymore Third investors in the banks will not be Protected They knowingly took a risk and when the Risk didn't pay off investors lose their Money that's how capitalism works so the Bank's equity and bondholders are the Ones being wiped out they took the risk As owners of the Securities and they Will take the losses and fourth there Are important questions of how these Banks got into the circumstance in the First place We must get the full accounting of what Happened and why those responsible can Be held accountable so while in this Joint statement from the treasury the Federal Reserve and the FDIC while They're not calling this the b word a Bailout this is putting liquidity as Well as confidence back into the system And the crypto Market rallied on the FDIC banking intervention as usdc

Regains its dollar Peg so again why is Ethereum rallying why is Bitcoin up Almost 18 today well these are very Clear signals from the market that a Decentralized currency that allows you To become your own bank is valued in Light of recent developments average People are beginning to understand just How fragile the traditional centralized Banking system is and while the Depositors of these banks are going to Be okay in the short term it just so Happens after this takeover then nobody Is left to bank crypto companies where Are these major crypto firms going to do Their Bank and they're going to find it A little bit harder in terms of their Interactions with a lot of the other Banks at the same time Honestly I don't know and it is gonna Get harder in fact uh in preparation for Our discussion today I have been Chatting on Discord with a lot of my Friends who run startups asking them Where do they Bank what is their banking Situation and I can give you very Typical situation one of my good friends He runs a startup called poet proof of Attendance protocol they're not even a Financial services blockchain started They hand out digital nfts for attending Events and participating in group Meetings and they were tagged as a High-risk company they struggled to open

A bank account uh they've got almost Half their cash now currently tied up at Svb and they can't access it and it's Probably going to be more than their uh Their payroll can cover so there's There's a really huge gap there and There's a sense that it is fundamentally A fairness issue in the the industry Whereas there are very very large banks That are able to offer crypto custody Services but crypto companies even ones That aren't even financially Services Oriented get flagged this high risk and Have very limited access to the banking System so it's going to become an Enormous problem for companies that Don't already have bank accounts at one Of the systemically important Banks and According to some insiders this was a Coordinated attack against crypto and he Does back it up dear God Barney Frank Openly admits that signature was Arbitrarily shuttered despite no Insolvency because Regulators wanted to Kill off the last major Pro crypto Bank This is directly from a CNBC interview For his part Frank who helped draft The Landmark Dodd-Frank Act after the 08 Financial crisis said there was no real Objective reason that signature had to Be seized I think part of what happened Was that The Regulators wanted to send a Very strong anti-crypto message Frank Said we became the poster boy because

There was no insolvency based on Fundamentals him speaking about Signature and because of all this Looking forward these crypto exchanges Are left to figure it out okay coin Suspends USD deposits in Wake of Signature Bank closure and to be clear It's not the withdrawals there is enough Money because of the emergency lending From the FED anybody can withdraw from The crypto exchange but this exchange is Saying we can't handle any more deposits Right now okay coins US dollar wire and ACH deposits have been immediately Paused due to the regulatory Intervention in Signature Bank OK coin's Primary partner for customer Transactions in dollars again just to be Ultra clear the CEO did clarify all Corporate and customer funds they Currently have are safe all us Withdrawals are not affected but with The FDIC takeover of these Banks they Need some time to figure out where their Banking partner is going to be next so While a lot of the US on-ramps are being Bottlenecked right now we are seeing the Demand for a decentralized alternative Start to pick up as announced from CZ Given the changes in stable coins and Banks binance will convert the remaining One billion dollar Industry Recovery Initiative fund from busd stablecoin to Native crypto including Bitcoin BNB and

Eth some fund movements will occur on Chain transparency so one billion Dollars and this is backed up on the Blockchain into crypto now obviously as New information comes out on U.S banking On signature on silvergate on crypto I Will make a video I'll keep you updated But was this wake-up call from these U.S Bank bank runs U.S Bank collapses from The bank runs was this enough to flip The market spur the next Bull cycle you Tell me donbol in comments like always See you tomorrow

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