HomeCryptocurrenciesBitcoin Surging After Fed Decides to Protect SVB and Signature Depositors

Bitcoin Surging After Fed Decides to Protect SVB and Signature Depositors

The crypto market is benefiting from the Federal Reserve’s decision to protect depositors of collapsed Silicon Valley Bank (SVB) and Signature Bank. All major cryptocurrencies have seen positive movement to start the week, with Bitcoin jumping almost 18 percent at one point.

Fed recently issued a statement confirming that both insured and uninsured depositors of SVB will be provided help that would ensure “full protect” of their deposits. The decision has since been extended to the Signature depositors.

Bitcoin traded below $21,000 until Sunday before starting to surge following the Fed’s statement. It moved past $22,000 until Monday morning and briefly topped $26,000 at one point on Tuesday. It is currently hovering around $24,787.10, its highest price since mid-February. The world’s largest cryptocurrency is almost 50 percent up year to date.

Ethereum, which is the second-largest cryptocurrency by market capitalization, also experienced a surge in value. It traded at around $1,705 per coin at one point, marking its highest price in 2023. Just like Bitcoin, Ethereum also recovered after a huge drop in value in late 2022 and is currently 41.85 percent up year-to-date.

The rise of Bitcoin, Ethereum, and other cryptocurrencies saw the crypto market hitting $1 trillion in value. However, this is still almost 40 percent less than it had one year ago.

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