Amid SVB Chaos, Bitcoin (BTC) Regains $21,000

Bitcoin’s price surged to an intraday high of $21,605 on Bitstamp exchange as reports surfaced that US officials are preparing to protect all deposits at the collapsed Silicon Valley Bank, causing panic in the industry. Fingers were initially pointed at centralized banking, though this sentiment shifted when major cryptocurrency firm Circle Internet Financial revealed it had $3.3bn trapped in the bank. This led to a decline in the USD Coin, a stablecoin which dropped to 87 cents. Reports suggest US regulators are considering the possibility of protecting all uninsured deposits at the bank to prevent wider contagion throughout the financial system. Treasury Secretary Janet Yellen stated there would be no government bailout for the bank, but depositors would not be left alone to face the consequences. The impact on bitcoin’s price on Monday remains to be seen as the US stock market anticipates a tumultuous day due to the SVB drama.

Read the complete article

(Visited 5 times, 1 visits today)

About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

You Might Be Interested In


Your email address will not be published. Required fields are marked *

This is default text for notification bar