Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday.
Bitcoin (BTC) rose back above $20,000 on Saturday, despite overall volatility in financial markets being at historic highs.
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This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was shutting down Silicon Valley Bank.
Despite this, BTC/USD raced to an intraday high of $20,792.53, less than 24 hours after trading at a low of $19,628.25.
Overall, today’s marginal rally in price comes as the 14-day relative strength index
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