Bitcoin Surges Above $22k
By Laxmikant Khanvilkar
Bitcoin, Ethereum, and other virtual digital currencies or VDA rebounded during the last 24-hour after the Washington Post reported that U.S. federal authorities are considering safeguarding uninsured deposits at Silicon Valley Bank should a buyer not be found for the institution, which collapsed last week following a $42 billion bank run.
Bitcoin reclaimed $22,000 mark and was hovering near $22,200 level, up 8%. Ethereum, the second largest cryptocurrency, added over 8.5% to $1,602.
Roughly 85% of SVB depositors held money in accounts that were not FDIC-insured, meaning that without federal action or an outright purchase of the bank those funds could be irretrievable.
The global cryptocurrency market cap has risen 7.45% in the last 24-hour to reach $1.02 tn. Over the same time period, total crypto market volume has decreased by 26.63%, totaling $66.27 bn. Of this, the volume of Decentralized Finance (DeFi) accounts for 8.98%, coming to $5.95 bn. Meanwhile, stable coins make up 102.75% of the total crypto market volume, for a total of $68.09 bn. Bitcoin has seen a 0.37% increase in its dominance, currently standing at 42.23%.
The other news that helped prop-up investor sentiment was the statement from Circle Internet Financial. It assured of covering all the shortfall in the assets backing its stablecoin USDC in the event it does not receive the $3.3 billion cash reserve held at Silicon Valley Bank.
Last week, crypto traders fretted over the value of USDC, a stablecoin meant to be pegged to the U.S. dollar but which fell in value after Silicon Valley Bank’s collapse.
You need to login in order to Like