USAone of the major banks Silicon Valley Bank (SVB) and another bank serving cryptocurrency companies Signature BankThe bankruptcy of the US financial sector led to the crisis. On the first day of the week, trading of several bank stocks was halted due to increased volatility in the pre-session hours. Stocks of many banks continued their decline before trading was halted by exchanges.
US President Joe Biden in the US banking system ‘trust’ stepped in to announce it. He promised tougher bank regulations in the context of the banking crisis.
Will the rise continue?
A week ago, the number one cryptocurrency bitcoin, 20 thousand had fallen below its level. This week is technology focused. Silicon Valley Bank‘s collapse took the US banking system by storm. The loss of trust in the banking system has benefited digital assets.
Bitcoin surpassed $24,000
Risk This jump in assets was confirmed by US regulators on Sunday night at Silicon Valley Bank. all depositors It came after it announced plans to support and raise additional funds for other banks. FedWhen the possibility of not increasing interest rates in March strengthens, Bitcoin, 24 thousand dollars also exceeded. On the other hand, ordinal employment data, USAThe authorities’ bailout plan for the country’s financial and banking system has reassured crypto enthusiasts in this volatile market.