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- The fall of the three financial institutions seems to have positively affected the DEX and CEX tokens.
- The tokens like OKB, GMX, DYDX, and GT have been showing major hikes in their prices.
- It is estimated that investors started showing interest in these tokens after the fall of the banks.
According to the recent analysis, the financial turmoil that resulted from the debacle of the three commercial banks including the Signature Bank, Silvergate Capital, and the Silicon Valley Bank (SVB) has positively impacted both the Decentralized Exchange (DEX) tokens and Centralized Exchange (CEX) tokens.
In succeeding days of last week, the three financial domains were shut down by the banking regulators, citing that the banks are involved in “systemic risk”. On March 8, the crypto-friendly bank Silvergate Capital announced its closure in “light of recent industry and regulatory developments”.
While on March 10, the New York Department of Financial Services (NYDFS) announced that SVB is closed, on March 12, the California Department of Financial Protection and Innovation (DFIP) declared the termination of Signature Bank.
Though the sudden crash shook the market as a whole, as per the recent reports, the DEX and CEX tokens like OKB, GMX, DYDX, and GT have exhibited a major spike in their prices over the past 24 hours.
Notably, the OKB token, the global utility token issued by the OKX Blockchain Foundation has been showing a significant increase over the past week of almost 1.02%. The current price of the token $47.46 represents a hike of 13.63% over the last 24 hours.
Similarly, the utility and governance token GMX, with its current price of $73.74 had spiked up its price over the one week, by 4.26% and over the last 24 hours by 9.09%. The tokens like GT and DYDX have also shown a major surge in their prices; while GT had a spike of 6.40% over the last day, DYDX increased by 9.17%.
Interestingly, the reason for the sudden hike is still unclear. However, it is estimated that after the banking crisis, some investors began showing their interest in these tokens.
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