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Are banks getting involved in cryptocurrencies?
April 5 (Reuters) - Last week, a top U.S. banking regulator warned of growing risks as banks start to capitalize on the popularity of cryptocurrencies to offer related services to clients. Here is how some of the biggest banks operating in the United States have gotten involved in crypto:Is the banking crisis causing a new headache for crypto executives?
The banking crisis is fueling those worries. The banking turmoil of the last week is the latest setback for a crypto industry that saw much of its value wiped out after the collapse of one of the largest crypto exchanges, FTX. America’s biggest banking blowup since the 2008 financial crisis is causing new headaches for crypto executives.Are cryptocurrencies crashing across the board?
Banking stocks fared even worse, with JPMorgan Chase falling over 5% and Bank of America down over 6%. Now this morning, cryptocurrencies are crashing across the board. Bitcoin hit a two-month low after falling nearly 10% as of the time of this writing, while Ethereum was down just as much. So what’s behind it all? Here’s what you need to know:Will crypto be walled off from traditional finance?
The three banks that suddenly collapsed in the last week served the digital asset industry, and their downfall has stoked concern that crypto will be walled off from traditional finance in the U.S. Regulators including the Federal Reserve have been cautioning lenders for months about the risks of dealing in digital assets.