- Bitcoin surged to $22.5k and Ethereum jumped to $1.6k in the last 24h.
- The global crypto market cap spiked over 6% in a day.
The macroeconomy witnessed a cascade of bank failures – Silvergate, Silicon Valley, and now Signature – in the US economy. Since all these were crypto-friendly banks, the impact of their collapses caused significant declines in the crypto market. The sudden de-pegging of Circle-issued USDC is the evident aftermath of the Silicon Valley Bank fall. Significantly, the gloomy period is suppressed by the bullish rally exhibited by Bitcoin and other altcoins.
The recovery of Circle’s USDC cash reserves and the stablecoin’s dollar peg triggered the crypto market to spike in the last 24h. Notably, the US federal government’s refusal of SVIB’s bailout and initiation of fund recovery is also the key reason behind the crypto rally.
Let’s take a look at the optimistically trending cryptocurrencies of the day.
Bitcoin (BTC)
Bitcoin (BTC) started this week with a satisfactory spike toward the $22,000 level. After a strong bearish week, Bitcoin surged 8% to hover above $22K after setting its 2-month-low, i.e, $19.6k, in the past week.
Bitcoin (BTC) exhibited its maximum spike of over 9% from the previous day, in a specific 24h frame – from $20,586 to $22,630 – as per CMC. At the time of writing, BTC traded at $22,135 with a 24h price change of over 7.8%.
Ethereum (ETH)
Similar to Bitcoin, the second-largest cryptocurrency Ethereum (ETH) also registered its surprising rally to a range above $1,500. Alongside the Fed’s intervention in the bank failures, the act of Binance converting BUSD to BTC and ETH is among the reasons behind the spike.
Ethereum (ETH) recorded its maximum spike of over 10% from the previous day. As per CoinMarketCap, ETH surged from $1,474 to $1,629 in a specific 24h frame. At the time of writing, ETH traded at $1,584 with a 24h price change of 7.58%.
Shiba Inu (SHIB)
With the Shibarium Beta – Puppynet – launch on Sunday, Shiba Inu (SHIB) established itself as the crypto that ranked top on the trending cryptocurrencies list for a long period. But SHIB did not exhibit a notable price surge subsequently after the launch.
Shiba Inu (SHIB) recorded its one-day maximum spike of over 7.28% in a specific 24h time frame — from $0.00001029 to $0.00001104, as per CMC. At press time, SHIB traded at $0.00001049.
