- Bitcoin price surged over 9% in a day.
- Federal Reserve decided to restore all deposits at the bankrupt Silicon Valley Bank.
The largest cryptocurrency, Bitcoin ($BTC), starts the week with significant price changes. BTC soared more than 9.5% in the last 24 hours after plunging as low as the $19 range over the weekend. Also, the biggest altcoin, Ethereum ($ETH), rose by almost 10%.
The price of Bitcoin is skyrocketing as Biden Administration struggles to stop the failure of Silicon Valley Bank from sparking a mass exodus at regional banks across the United States. And the announcement by fintech Circle, which is responsible for the USDC stablecoin, and had ties with collapsed Silicon Valley Bank, stated it would cover any of its USDC reserves.
Global Crypto Market Rally
Following the bank’s abrupt collapse, the U.S. Treasury Department is holding a series of meetings to decide whether it should guarantee that all SVB depositors will be compensated. However, after a stressful week, cryptocurrency investors received solace over the weekend in the Federal Reserve’s decision to fully restore all deposits at the bankrupt Silicon Valley Bank.
Once Federal regulators announced BTC soared above $22,500, ETH and other cryptocurrencies also saw a rally. At the time of writing, Bitcoin traded at $22,448 with 24 hours trading volume of $44 billion, which increased by about 34%. Ethereum traded at $1,603, which climbed around 10% in the last 24 hours, as per CoinMrketCap.
Further, the global crypto market cap gained its $1 trillion cap. And other crypto tokens such as Binance’s BNB, Cardano (ADA), Polygon (MATIC), Dogecoin (DOGE), and Shiba Inu (SHIB) also witnessing notable price increases.
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