The Rise of Crypto Amidst Banking Challenges in the US and Hong Kong.
The recent banking cutoff for crypto firms in the US presents an opportunity for Europe to gain relevance in the industry. With more regulatory clarity and easier fiat payment rails, Europe could attract crypto firms that are struggling to find alternatives to US banks like Silvergate and Signature Bank. The euro may also benefit from the cutoff, as early indicators show a spike in BTC-EUR pair volumes. The longer US banks remain closed to crypto business, the more likely it is that firms will choose Europe instead.