Reports indicate that the number of people downloading crypto applications has increased massively following the dawn of problems in the US banking system.
Based on recent reports, the number of downloads for crypto apps has been surging over the past few days. Analytics site Apptopia shows that downloads soared by about 15% since Silicon Valley Bank’s stock plunged 60% a few days ago.
This data considers the number of downloads for the top 10 crypto-focused applications, including Coinbase, Crypto.com, Trust, Blockchain.com, KuKoin, Binance, Bitcoin, eToro and Crypto DeFi Wallet, Kraken, and BitPay.
The general crypto market also got an upswing following the failures of the US banking system.
Bitcoin and ether surged by 15% and 9%, respectively, as SVB’s problems emerged. Bitcoin managed to hit the $26k mark in early trading hours on March 17.
CoinMarketCap data shows that since the emergence of SBV’s problems, total crypto market cap rose from $942 billion to $1.14 trillion, which represents an 8% surge.
On the contrary, banking applications recorded downswings in the number of downloads since SBV exploded.
Apptopia’s data analytics indicate that traditional and digital bank application downloads dropped by 5% and 3%, respectively. Some of the banks considered in the analysis include Capital One, JP Morgan and Chase, Bank of America.
In just 14 days, several major banks, including Silvergate, SBV, and Signature, have had major issues. Other banks, including Credit Suisse, BNP Paribas, and First Republic Bank, suffer financial problems.
A quick look at social networks shows an increasing fear and disappointment towards the banking system.
The data indicates a paradigm shift where investors seek alternative ways to keep their money and investments. Analysts noted an almost similar shift from fiat to crypto by investors during the dawn of the Covid 19 Pandemic.