The scoop

The crypto market is up due to the impact of the ongoing US banking crisis, with the Federal Reserve injecting $300 billion into the economy in what is being labelled a new quantitative easing (QE). The combined implosion of Silicon Valley Bank and Signature Bank has led to the Fed providing an emergency $297 billion, with banks also borrowing $150 billion.

Why it matters

• because it makes crypto look nice. Crypto emerges as a safe heaven during the banking crisis.
• because it's optimistic. A bitcoin breakout in the midst of US government regulatory pressure will confirm that a new bull run is emerging.