The Federal Reserve will have no choice but to print probably trillions more to backstop the entire banking system which is what they put themselves in line to do. We should not forget that Quantitative easing is going global now with the FED extending this bailout beyond the United States to friendly economies in places like Japan and the UK. One silver lining to all these is that the First Republic was on the edge of collapse. A new bank could be collapsing, Bitcoin started pumping. I think this is good news for Bitcoin holders if truckloads of banks end up collapsing Bitcoin probably going to do good.
The banking crisis could get worse but let's hope it doesn't. Russia has just become the second biggest Bitcoin miner behind the United States. The are also reports of Russian miners creating a huge demand spike for Bitcoin mining hardware. Another South American economy is breaking away from the death grip of the dollar. Argentina is joining by announcing that it is going to start paying for Chinese imports in Chinese Yuan, not US dollars. In China, the Yuan is finally overtaking the US dollar as the primary currency of International trade. Now accounting for 48% of China's International trade, that is compared to just 47% of China's International trade which is still happening in the US dollar.
Things have been crazy for Bitcoin in the last 24 hours. The price of Bitcoin surged up to 30k yesterday, then some weird story started trading around social media that both the U.S. government and Mt.Gox Bitcoin were moving to exchanges to be sold. That started from a firm called Arkham Intelligence, this caused panic, and major market makers in the crypto markets rushed for the exits. They sent a ton of Bitcoin over to Binance only to find out only of find out hours later this is all just rumors.