Given the chaotic market events stemming from last week’s banking crisis, we would be expecting crypto markets to be trading much lower this week right? Last weekend, peak fear began to take hold as the amount of assets backing USDC held in failing banks was still largely unknown, and there was indeed an outside probability of bank failure/no bailout (certainly not the base-case, but one that needed to be factored in nonetheless). As the weekend progressed, it became clear that the FDIC would take measures to protect all depositors, insured or uninsured, leading to the veil of uncertainty being lifted. Crypto markets began to surge.

And surge they did, with BTC leading the way. BTC finds itself retracing the entirety of the ba