Crypto News: The ongoing U.S. Bank crisis led the Federal Reserve Board to intervene in the messed up situation. The Fed announced that it is prepared to address any kind of liquidity pressures that may arise ahead from here. However, additional funding will be made available with the formation of the Bank Term Funding Program (BTFP).
Fed To Rescue Banks From Crisis
Newly build BTFP is made to offer loans of up to one year to banks, credit unions and other eligible depository institutions. Its bailout report is set to drop out on March 17, 2023 and Arthur Hayes, CEO of BitMEX crypto exchange feels that it can impact the crypto industry in a positive manner.
BitMEX CEO stated that the BTFP bailout report is the most important financial event since COVID. He suggested that if anyone can speculate this correctly then they will set up themselves for a big profit. However, he seemed very optimistic ahead of rolling out the report for the crypto Bull market.
The recent collapse of the three major crypto friendly banks caused mega damage to the digital asset market. USD Coin (USDC), dollar pegged stablecoin lost its $1 value to drop by a heavy 10%. Bitcoin (BTC), the world’s second largest crypto witnessed massive withdrawal as its price dropped to trade under $20K. Read More Crypto News Here…
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