Bitcoin moved back above $22,000, as the U.S. Treasury moved to avert a regional banking crisis, following the collapse of Silicon Valley Bank. The government confirmed that it will backstop depositors’ funds, giving full access to their capital. Ethereum also moved higher on the news.
Bitcoin
Bitcoin (BTC) rose back above $22,000 on Monday, as the U.S. Treasury confirmed it will backstop depositors’ funds.
This will be for both Silicon Valley Bank and Signature Bank, which become the second and third biggest banking failures in U.S. history.
Following a low of $20,475.60 on Sunday, BTC/USD surged to an intraday high of $22,728.52 to start the week.
Bitcoin chart by TradingView
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