The recent crisis in the banking sector is grueling for DEX and CEX tokens. Investors, increasingly moving away from traditional financial institutions, are opening up to crypto-assets.
The general public was hit hard when the American Silicon Valley Bank (SVB) declared bankruptcy last week. If this hadn’t already caused enough confusion in the sector, the events of the past few days ensured that complete chaos ensued. Amidst the collapse of SVB, the FDIC closed the crypto-friendly Signature Bank, and the wave of bank failures soon reached Silvergate as well. However, the number of surprising twists does not end here, since the It was acquired by the giant bank HSBC the British subsidiary of Silicon Valley Bank for just £1 ($1.21).
At the same time, this upheaval had a positive effect on the price of DEX and CEX (decentralized and centralized exchange) tokens. In the last 24 hours, the prices of instruments such as OKB, GMX, dYdX and GT, among others, have produced a significant increase. Numerically, the purchase price of OKB increased by 13%, while that of GMX increased by 10%, in the case of dYdX this value was 8%, while GT jumped by 7.5%.
It can be argued that the serial closure of financial institutions is the sole cause of the exchange rate increase in question, but it is certain that more and more investors prefer these types of instruments.
In terms of the crypto market as a whole, a large recovery took place, despite the fact that the situation was not so rosy a few days ago. The prosperity of many tokens is due to tokenization itself, an excellent example of this is SNX, whose price has increased by almost 8%.
The total market capitalization of the cryptocurrency industry is currently $1.08 trillion, a 5.59% increase in just one day. In the financial sector, on the other hand, they are experiencing huge exchange rate falls, which is certainly the result of the banking market crash.
Additionally, BTC has gained roughly 10% in the last 24 hours, with an exchange value of $24,900 at the time of writing.
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