For the past nine months, overall macro conditions have taken a back seat to the idiosyncratic failures (FTX, Terra’s LUNA/UST, BlockFi, CoinDesk sister company Genesis) and success stories (the Ethereum Merge, various layer 2 launches) that drove most of the price action. But macro regained its position behind the wheel over the past few weeks. The banking crisis and subsequent policy response have taken center stage – only this time it is affecting digital assets positively at the expense of other asset classes. A quick look at the bitcoin (BTC) price versus the regional banking exchange-traded fund (KRE) tells you all you need to know about the winners and losers since the first week of March.

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Author: Jeff Dorman

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