Bitcoin, the king of cryptos is regaining ground and is trading back above $24,000 on Monday as U.S. authorities announced last night that they are taking steps to protect depositors of SVB and Signature banks.
As a reminder, on Sunday night, the US government said it was taking steps to boost confidence in the banking system, indicating that it would fully refund all depositors of Silicon Valley Bank and Signature Bank, two banks – which served crypto companies among others – that were recently shut down by authorities.
Following the announcement released just before midnight, the price of Bitcoin (BTC), which had already begun to climb in the early evening, accelerated its rise and exceeded $24,000. Over 24 hours, the price of the digital token gains nearly 9% to about 22,400 dollars.
Indeed, after marking a low of $19,570 on Friday, BTC/USD did indeed mark a high of $22,775 this Monday morning, up 16.3%. ETH/USD rebounded 19.3% from a low of $1370 on Friday to a high of $1635 this morning.
The rest of the market is also in the green. BNB and ADA gained 9% and 11% respectively. XRP, the native token of the Ripple network, is posting a more timid gain, +1.3% to around $0.36.
The Federal Reserve’s bailout boosted market confidence and eased concerns about the potential collapse of additional players, especially since Signature is a major bank in the crypto industry,” explained Rachel Lin, co-founder of SynFutures, on Bloomberg.
The Crypto Fear & Greed Index, which was showing “fear” with a score of 34 on Friday as BTC fell below $20k, is positioned this Monday on “neutral” at 49. The overall capitalization of the cryptocurrency market is back above $1 trillion, according to data provided by CMC.
At the time of writing, the price of Bitcoin today is $24,301.71 USD with a 24-hour trading volume of $49,674,135,191 USD.
Pingback: Bitcoin surpassed $26,000 following release of U.S. Department of Labor report - Trending Crypto News
Pingback: Europol Seizes $46 Million from Darkweb Crypto Laundering Ring - Trending Crypto News