JAKARTA The price of bitcoin and other cryptocurrencies has seen an increase over the past week amid the US banking crisis. The crisis was led by Silicon Valley Bank which sparked fears of hyperinflation. Previously, Silicon Valley Bank and Signature Bank had collapsed.
More and more people hope that the Federal Reserve will change its stance in the face of slowdowns in inflation and bank collapse. Along with these expectations, Tesla billionaire Elon Musk also gave a warning to US President Joe Biden after the Federal Reserve raised interest rates again.
Some time ago, President Joe Biden posted on Twitter about the steps he took in his fight against climate change. Twitter CEO Elon Musk replied to the tweet and said that the bank was having problems.
"In my first year in office, we protected more land and waters than any president since John F. Kennedy. We have also made our biggest investment against climate change forever. Today, we are building that momentum by protecting other natural wonders."
"@POTUS umm... the bank is melting," commented the Tesla boss in a video post by President Biden discussing his achievements during his tenure as US President.
According to a Fox Business report, Biden's approval rating slumped to its lowest point this month, only 38%. This decline comes as concerns continue to grow over bank stability. Several banks such as Silicon Valley Bank and Signature Bank have collapsed in recent weeks, adding to fears of a recession.
Billionaire Musk, who is the CEO of Tesla and founder of SpaceX, bought Twitter last year. He also tweeted about UBS buying Credit Suisse and considering buyers to get a credit limit of $100 billion as part of the deal.
Currently, many people are interested in the potential banking crisis, the Fed's interest rate increase, and the stock market. This condition makes various parties more vigilant and worried about future economic stability.
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