, which Hoskinson created in 2016, has become the world's seventh-largest cryptocurrency with a market capitalization of $13 billion, compared to bitcoin's $566 billion and ethereum's $232 billion.
"I think we’re over $540 billion now just in the 2023 crisis. We’re just getting started. That whole business model is falling apart when you give it a little bit of a push and then you lose these institutions like Silicon Valley Bank and they get so politicized and they get so globalized." In March, sudden deposit flight from Silicon Valley Bank and Signature Bank forced the Federal Reserve to step in with emergency measures but panic spread to Switzerland's Credit Suisse, which had to be rescued by rival UBS.and sold its assets to JPMorgan, the largest U.S. bank by assets.
"Our government invited us and others to step up, and we did," said Jamie Dimon, JPMorgan's chief executive, who played a key part in the 2008 financial crisis. JPMorgan, which already held over 10% of total bank deposits in the U.S., will see its net deposits increase by 3% as a result of the deal, according to Wells Fargo"What’s going to happen is ‘too big to fail’ is just going to lead to bigger institutions," Hoskinson said."We’ve seen this story in 2008.
The 2023 banking crisis has been partly triggered by the Fed's rapid series of interest rate hikes over the last year, with rates this week climbing to levels not seen since before 2008 in an attempt to rein in soaring inflation.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Forbes - 🏆 394. / 53 Read more »
Source: Forbes - 🏆 394. / 53 Read more »
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »