DEX and CEX Tokens Positively Affected by the Crisis

In the wake of the banking crisis involving banks like Silicon Valley Bank, Signature Bank and Silvergate, investors are flocking to crypto alternatives. The financial turmoil caused by the closure of several banks positively affected DEX and CEX tokens. The price of many of these assets, including OKB, GMX, dYdX, and GT, has risen in the past 24 hours. While it’s unclear whether the banking crisis is the only reason for the surge in prices, the general consensus is that some investors are flocking to these particular tokens. OCD increased 13%, GMX 10%, dYdX 8% and GT 7.5% in the last 24 hours.

The broader crypto market saw a massive increase in its overall value in the last day after taking a hit a few days ago. Other types of tokens on the rise are those related to tokenization. The SNX is a notable example, with a nearly 8% increase in price. The overall market cap of the crypto market is currently $1.08 trillion, which represents an increase of 5.59% in the last day. Meanwhile, the stocks of many companies are suffering heavy losses, often in double digits. Most of them are related to banking institutions.

Some in the industry believe that US authorities’ moves on banks are anti-crypto. A board member of Signature bank said the same, saying it was a “strong anti-crypto message.” However, Blockchain Association Chief Policy Officer Jake Chervinsky believes that crypto is not responsible for banking problems. In any case, the government will certainly try to exert some control over the market. Bitcoin and other assets remain strong as global markets are in turmoil.