Bitcoin Up Sharply After Government Measures Around Bank Collapse

Bitcoin Up Sharply After Government Measures Around Bank Collapse

Bitcoin, the best-known and most traded cryptocurrency, showed its most considerable increase since November on Monday. Other crypto coins also found their way up.

The trade was boosted by measures taken by the US government to prevent further problems in the financial system following the bankruptcy of the US bank Silicon Valley Bank (SVB).

Bitcoin was up 10 percent to more than $23,700, the biggest increase since Nov. 10. US authorities promised to fully protect account holders at SVB. “The Federal Reserve bailout has bolstered market confidence, while concerns about a possible collapse of even more financial institutions have eased,” said a US crypto trader.

Prices on US stock exchanges also rose again on Monday after the losses on Friday. President Joe Biden reassured investors that the banking system is safe.

Many crypto companies suffered heavily last year from the turmoil that arose in the sector after the collapse of FTX, one of the largest platforms for storing and trading cryptocurrencies such as bitcoin and Ethereum.

Leave a Reply

Back to top