Mar 19, 2023
BTC Market Cap Adds $194B in 2023, Outshines Wall Street Banks
The market capitalization of Bitcoin (BTC) has skyrocketed to $194 billion in 2023, with a 66% year-to-date (YTD) growth that outperforms the top Wall Street bank stocks. This is especially significant considering the current fears of a global banking crisis, which has decoupled BTC from United States stocks for the first time in a year.
The six largest U.S. banks — JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Morgan Stanley and Goldman Sachs — have lost nearly $100 billion in market valuation since the year’s start, according to data gathered by CompaniesMarketCap.com. Bank of America’s stock is the worst performer among the Wall Street banking players, with a nearly 17% YTD drop in valuation. Goldman Sachs trails with an almost 12% YTD decrease, followed by Wells Fargo (9.74%), JPMorgan Chase (6.59%), Citi (3.62%) and Morgan Stanley (0.84%).
The U.S. banking crisis has been further compounded by the recent announcement of Silvergate Bank’s closure, followed by the regulators’ subsequent takeover of Signature Bank and Silicon Valley Bank. First Republic Bank’s near-collapse was only saved at the last moment through a $30 billion combined injection by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup — among others.
The rise of Bitcoin in the face of a growing U.S. banking crisis is reminiscent of its performance during banking collapses in Cyprus and Greece. During the 2013 Cyprus financial crisis, prompted by the exposure of Cypriot banks to overleveraged regional real-estate companies, BTC’s price grew by up to 5,000%. In 2015, when Greece faced a similar crisis and imposed capital controls on citizens to avoid a bank run, Bitcoin’s price gained 150%.
Ilan Solot, co-head of digital assets at London broker Marex, commented that “fears over the stability of the banking system, along with declining real interest rates, creates a good environment for Bitcoin to rebound.” He added that the crypto “is seen by some investors as a hedge against systemic risks.”
The current banking crisis has opened up an opportunity for savvy investors to capitalize on the growing trend of NFTs, Non-Fungible Tokens. NFTs are unique digital assets, such as artwork, music, or sports memorabilia, that are stored on the blockchain and can be bought, sold, and traded. NFTs have surged in popularity in recent months, with some pieces selling for millions of dollars.
As the market for NFTs continues to grow, savvy investors are looking for ways to capitalize on the trend. One of the most effective ways to promote and sell NFTs is through Twitter NFT marketing. Twitter is a powerful platform for connecting with potential buyers and creating a buzz around your NFTs.
For those looking to maximize the potential of their NFTs, working with a web3 agency that specializes in NFT marketing is a great way to ensure your NFTs are seen by the right people. A web3 agency can create custom campaigns to promote your NFTs and ensure they reach the right audience. They can also provide insights and analytics to help you understand the performance of your NFTs in the market.
As the banking crisis continues to unfold, investors are looking for ways to protect their wealth and capitalize on emerging trends. NFTs offer a unique opportunity to do both, and with the help of a web3 agency, investors can make sure their NFTs are seen by the right people.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
