- Gemini co-founder Cameron Winklevoss reacts to the newest information about Fed lending $300 billion to banks.
- Cameron said that the Fed simply gave everybody $300 billion extra causes to purchase bitcoin.
- This information is a follow-up to the current collapse of three of the biggest banks.
Gemini co-founder Cameron Winklevoss reacts to the newest information concerning the Fed lending $300 billion to banks. Cameron said that the Fed gave everybody $300 billion extra causes to purchase bitcoin.
On the revelation that the cash-strapped banks had borrowed $300 billion from the Fed’s emergency funds, Cameron responded. The main financial institution distributed the report in its entirety.
The holding companies for Silicon Valley Bank and Signature Bank, two major banks on the verge of failure until this week, received approximately $143 billion, or roughly half of the total amount. The financial markets have become deeply concerned as a result of this case.
But, neither the Federal Reserve nor the beneficiaries were named, and neither were the names of the competing institutions that bought the remaining half of the cash.
These figures offer a preliminary understanding of the Federal Reserve’s assistance provided to the financial sector in the wake of the weekend failure of two banks. The Federal Reserve has extended its assistance by providing an additional $11.9 billion through a brand-new lending facility unveiled on Sunday.
As expected, the bitcoin market went bullish after the information. In the past 24 hours, the value of the major cryptocurrencies, including Bitcoin, has increased by 6.1%. According to research from Coin Market Cap, Bitcoin has reached the $26,000 valuation threshold, and Three sizable banks that supported cryptocurrencies collapsed during the past two weeks.
The recent Fed action also demonstrates the support that traditional financial institutions enjoy and what the bitcoin industry lacks.
