Following Silicon Valley Bank’s “bailout,” Bitcoin increases by almost 20%.
Join Our Telegram channel to stay up to date on breaking news coverage Since regulators and the Joe Biden Administration intervened to reassure investors that depositors in the collapsed Silicon Valley Bank will be made whole—and that the U.S. banking system remains on stable ground—the price of Bitcoin has surged, rising 19.8% in the previous day. According to CoinGecko, Bitcoin was trading for $24,428 at the time of writing, up almost 20% in the previous day and 6% in the previous hour. The second-largest digital asset, Ethereum, rose 3.4% in the last hour to reach a price of $1,680, up 15% over the previous 24 hours. The remainder of the cryptocurrency market is also up, with Dogecoin, the ninth-largest digital asset by market capitalization, up 11% in the previous day and currently selling for $0.073. The uncertainty surrounding Silicon Valley Bank’s crash frightened investors, and the Bitcoin market began to suffer last week. The cost of Bitcoin fell to ...