Bitcoin Recovers After Joe Biden's Announcement

JAKARTA - The increase in the price of Bitcoin minutes after President Joe Biden announced that the United States banking system was safe, has caught the attention of many market investors and observers. Biden's highly anticipated statement regarding the national banking system amid widespread concerns over the bankruptcy of several banks has sparked optimism among market participants.

The price of Bitcoin managed to break through US$23,500 (Rp361 million) after President Joe Biden issued the statement. In addition, the increase in Bitcoin prices also increased several altcoins such as Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA).

Bank's Silicon Valley Bank and Signature Banks recently sparked panic in the banking sector, some even predict further panic. Furthermore, Biden also guarantees that customer deposits are still available, meaning that small businesses "can breathe a sigh of relief knowing they will be able to pay their workers and bills".

Biden ensured that no losses would be borne by citizens. Instead, the money will come from costs distributed by banks into the Savings Insurance Fund. Biden also explained that investors who have invested in bankrupt banks will lose their money because "That's how capitalism works".

A positive statement from the US President against the banking system in his country had a positive impact on the cryptocurrency market. The price of Bitcoin passed the level of US$23,500. Meanwhile, the price of ETH rose 4 percent to US$1,650, while BNB, ADA, MATIC, DOGE, and other altcoins also experienced price increases.

The total market capitalization of cryptocurrencies rose to 1.09 trillion US dollars, nearly 12 percent higher than yesterday's figure. The recovery of the crypto market is good news for investors and cryptocurrency enthusiasts, especially Bitcoin.