President Biden reassures markets on US banking sector as Bitcoin and gold extend rally Quick Take
- President Biden went on national television to speak on the US banking sector.
- Biden says, “US taxpayers will pay no losses, and funds will be raised through insurance fund fees” and “we won’t stop here; we’ll carry on as necessary.”
- Money markets price in a more significant probability of a 25bps hike than a 50bps for the EU and the US.
- Bitcoin extends gain to $25,500, gold breaks $1,900 while the VIX hits a five-month high to 30
- Brent crude oil prices dipped below $79 per barrel for the first time since January 10.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
