Bitcoin

Cryptocurrencies rose even after regulators Sunday announced the closure of Signature Bank, the last major crypto bank after Silvergate.

"News of the Fed creating a backstop helped to bolster equities and crypto overnight, however, as panic sets in we will have to see how today's market holds up." They helped solve this problem by creating easy banking services and payment platforms for crypto companies; namely, the Silvergate Exchange Network and Signature's Signet platform. Wall Street analysts Friday had maintained buy ratings on Signature Bank, even as the bad news around Silvergate and SVB unfolded. [Bitcoin](/quotes/BTC.CM=/) rose more than 15% to $24,382.98, according to Coin Metrics, and is now about 19% above its Friday levels. Crypto initially moved higher amid a broader rally in risk assets. [less aggressive in raising interest rates](https://www.cnbc.com/2023/03/13/dollar-slides-as-us-intervenes-on-svb-collapse.html) now that authorities have stepped in to limit the fallout from SVB and Signature.

Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, surged 18% to over $24,200 over the past 24 hours even as fallout from the ...

[ Consensus 2023](https://consensus.coindesk.com/), CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [strict set of editorial policies](/ethics/). As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of [stock appreciation rights](https://www.investopedia.com/terms/s/sar.asp), which vest over a multi-year period. Data from Coinglass shows that traders liquidated $300 million worth of crypto positions on Monday. A full $140 million worth of these liquidations were bitcoin

Bitcoin, the digital currency that has long been viewed with skepticism by the financial establishment, is having its moment in the sun.

But at least for now, bitcoiners can shake their heads as the banking system once again depends on the government to throw it a lifeline. Oh, the irony of it all. Before joining Forbes I worked as a reporter and editor at Bloomberg where I covered everything... People are realizing the importance of sound money with no counterparty risk.” Bitcoin's rise is particularly sweet for its adherents, who’ve long argued that it represents a sound alternative to the traditional banking system. The currency is still down about 65% from its all-time high, and its price remains notoriously haywire.

Over the past 24 hours, Bitcoin prices have soared in a rebound after recording a major plummet last week following the Silvergate fallout...

BTC trading volume has spiked from a weekend-low of $25 billion to as high as $60 billion in the last 24 hours. MATIC was also part of the spike movement with a surge of 12.2%. At the time of writing ETH currently trades at $1,689 looking to soon cross over the $1,700 mark. [Bitcoin](https://www.newsbtc.com/news/bitcoin/buy-bitcoin-says-messari-ceo-amid-market-downtrend/) prices have soared in a rebound after recording a major plummet last week following the Silvergate fallout. With news such as Silvergate shutting down operations and KuCoin being sued in New York, Bitcoin plummeted below $20,000 with a local bottom of $19,736 as of March 10. Despite the fact that there is a reason for the decline in price, BTC has only continued to show a bullish trend since Sunday.

Even as the USDC stablecoin repegs at $1, the current 0% premium indicates a lack of leverage buying demand for Bitcoin via futures instruments.

dollar deposits, with [the closure of Signature Bank affecting OKCoin](https://cointelegraph.com/news/okcoin-suspends-usd-deposits-in-wake-of-signature-bank-closure). [Silvergate Bank stock price collapse on March 1](https://cointelegraph.com/news/silvergate-stock-plunges-31-after-delayed-filing-raises-doubts-over-future) after the delayed filings of its annual 10-K financial report. dollar](https://cointelegraph.com/news/usdc-bounces-back-towards-1-peg-after-fed-announcement) on March 10. Fiat gateway on and off ramps are critical for stablecoins, market markers, and cryptocurrency exchanges for a variety of reasons. Signature Bank was one of the most prominent financial institutions serving the cryptocurrency industry, alongside Silvergate Bank, which announced its [voluntary liquidation](https://cointelegraph.com/news/silvergate-capital-corporation-will-voluntarily-liquidate-silvergate-bank) last week. Consequently, the Bitcoin 3-month futures premium turned into a discount, otherwise known as backwardation. Such an unusual movement caused price distortion across exchanges, prompting Binance and Coinbase to disable the automatic conversion of the USDC stablecoin. The chart shows traders had been neutral-to-bearish until March 10 as the basis indicator oscillated between 2.5% and 5%. Bitcoin quarterly futures are popular among whales and arbitrage desks. According to the regulators' joint statement, "no losses will be borne by the taxpayer," although the strategy for deploying Treasury assets is questionable. The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date. [USDC](https://cointelegraph.com/usdc-price-index)) also caused significant turmoil in the cryptocurrency industry after [breaking below its 1:1 peg with the U.S.

Bitcoin has leapt by nearly 15 per cent as banking chaos grips the global financial system.

On the stock market, SVB tanked by 60 per cent. The extent of SVB’s trouble emerged in a presentation last Wednesday. On Thursday alone, SVB saw an estimated $US42 billion ($A63 billion) of withdrawal orders. “In a scramble to avoid another massive bank run, federal regulators stepped in as some Americans grew sceptical of traditional banking. It was not able to honour all those requests, and posted a negative cash position of nearly $US1 billion ($A1.5 billion) by the end of the day. Bitcoin’s rally coincides as some of the banks with crypto ties come under tremendous pressure.

Bitcoin (BTC) had every right to a miserable weekend after a week that saw crypto-adjacent bank Silvergate Bank finally fold after months of speculation,...

Ethereum (ETH) similarly did a dip and recover on the ETH/USDT pair, falling as low as US$1,370 on Friday before bouncing back up to US$1,600 as of Monday morning. [called](https://www.coindesk.com/markets/2023/03/13/first-mover-asia-silicon-valley-bank-failure-highlights-small-banks-vulnerability-bitcoin-soars-past-225k/) the action "risk asset friendly at first blush". What crisis? [Bloomberg](https://www.bloomberg.com/news/videos/2023-03-11/-storm-in-a-teacup-over-svb-lund-yates-video), it was all “a little bit of a storm in a teacup”. Bitcoin crisis? Bitcoin (BTC) had every right to a miserable weekend after a week that saw crypto-adjacent bank Silvergate Bank finally fold after months of speculation, followed by yet another collapse in the form of Silicon Valley Bank (SVB).

Bitcoin and Crypto emerge as unlikely winners from SVB and Signature Bank collapse. Eureka moment for the Crypto industry?

[Bitcoin](https://www.dailyfx.com/bitcoin/news-and-analysis) which usually thrives in periods of heightened volatility. Zhao announced the conversion of some of its branded stablecoin, Binance [USD](https://www.dailyfx.com/usd) to [Bitcoin](https://www.dailyfx.com/bitcoin), [Ethereum](https://www.dailyfx.com/ether-eth/news-and-analysis) and its in-house BNB. A daily candle close above the $25000 mark opens up the potential for a retest of resistance at $28000 (May 2022 swing low) and beyond that the $30000 mark. Is the S&P 500 Safe?](https://www.dailyfx.com/news/spx-fed-steps-in-to-avoid-systemic-risks-after-svb-fallout-is-the-s-p-500-safe-20230313.html) [Bitcoin](https://www.dailyfx.com/bitcoin/news-and-analysis) continued its rally today benefitting from the US Treasury announcement that it would act as a lender of last resort, effectively guaranteeing all US bank deposits, even the uninsured ones. Many Bitcoin and Crypto observers however see the collapse of SVB bank as somewhat of Eureka moment for the industry. We had seen a golden cross a few days earlier and one could point to the recent rally as a delayed reaction, however given the macro conditions at play the rally in nonetheless impressive. Looking at the numbers today it is hard to disagree with the view that the spectacular failure of SVB and Signature bank may serve as an ad for the adoption of self-custody and promote cryptocurrencies in a world where the holding of physical cash has become somewhat obsolete and, in some cases, ‘frowned upon’. [US dollar](https://www.dailyfx.com/usd?ref-author=Venketas) and dropping below the 0.92 handle on Saturday as news around SVB filtered through the crypto market, before rebounding to regain its [US dollar](https://www.dailyfx.com/us-dollar-index) peg on Monday. I think it is too early to tell, but that hasn’t hampered the enthusiasm of Bitcoin advocates, having the opposite effect instead. [US Dollar](https://www.dailyfx.com/usd?ref-author=Venketas)Peg Follow Weekend of Uncertainty. However, the key The rally has been somewhat of a surprise given the implosion of SVB and Signature bank, both of whom were seen as crypto friendly institutions.

According to Arthur Hayes, Bitcoin and the broader crypto market are poised for a new bull run in the face of the brewing banking crisis.

Will the Fed completely suspend its rate hikes? And the first cracks in the Fed’s quantitative tightening (QT) cycle are imminent. Even though the Fed is only replacing existing money, the signal effect is clear. And that moment may have arrived, as analyst Dylan LeClair, among others, explains in his latest tweet, referring to the Fed Funds Futures. Federal Reserve (Fed) chairman Jerome Powell has consistently emphasized in recent months that he will keep raising interest rates until inflation is back at 2% or until something breaks. Has the Fed really cranked up the money printing machine again to bail out Silicon Valley Bank (SVB), kicking off Quantitative Easing (QE)?

While the US deals with SVB and the biggest banking collapse since the GFC, Bitcoin and the crypto market continue to rocket this morning.

(Stats accurate at time of publishing, based on CoinGecko.com data.) Yup, that tells the story pretty well. Hope you didn’t panic sell for a loss if you’ve been holding the stablecoin as dry powder. And it’s particularly good to see USDC pretty much regain its 1:1 pegging with the US dollar. Buy more G, S, BC. More fake money to invade sick economy. Oh yeah, that’s right – time for a money printer goes “brrrrr” meme… then where’s the money coming from? [March 13, 2023] [March 13, 2023] [#Bitcoin] [pic.twitter.com/O4bZ1dGcfQ] [March 12, 2023]

Amid a U.S. banking crisis, value is flowing into bitcoin. Is this the beginning of the “Great Reset?” investor and author Tatiana Koffman asks.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [ Consensus 2023](https://consensus.coindesk.com/), CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. The Great Reset presupposes a future where bitcoin is the most valuable asset and the ultimate measure of value. A significant shift is underway, and more people are opting out of the traditional system. [strict set of editorial policies](/ethics/). The depegging of USDC is significant because Circle, considered a highly regulated and secure business, was poised to go public as a separate entity. [below 87 cents](https://www.coindesk.com/markets/2023/03/11/traders-bet-on-usd-coin-rebound-as-usdc-falls-to-90-cents/) on Saturday. [direct response](https://www.coindesk.com/learn/who-is-satoshi-nakamoto/) to the Great Financial Crisis in 2008, during a period when many hardworking people felt both the government and the financial system were working against them. As rumors of a cash shortfall began to circulate, a full-on run on the bank ensued and regulators took over. At the same time, Silicon Valley Bank was forced to sell some of the 10-year bonds on its balance sheet at a 20%-30% discount to meet obligations amid a period of climbing withdrawals. The expectation of higher interest rates for a prolonged period of time almost immediately sent a ripple effect through the bond market, causing bond prices to drop drastically because prices move opposite to yields. The failure of Silicon Valley Bank, Silvergate Bank and Signature Bank continue to ripple through the markets, causing U.S.

Bitcoin surges as Fed liquidity plans prompt BTC price to erase Silicon Valley Bank losses.

At Coinbase all client funds continue to be safe and accessible including USDC conversions which will resume on Monday,” it tweeted. dollar peg at the time of writing. [summarized](https://twitter.com/tedtalksmacro/status/1635105582935072768). For trader and analyst Rekt Capital, this “likely” put pay to the bearish double top pattern previously playing out on weekly timeframes. [read](https://twitter.com/rektcapital/status/1635020401024860161). If CPI comes in below estimates I don’t see a reason for the market to hold back.” “For any local longs, stops below 21K should be safe IMO. [summarized](https://twitter.com/BTC_Archive/status/1634994341071712257). The volatility — and temporary relief for bulls — is due to events in the U.S. [added](https://twitter.com/tedtalksmacro/status/1635059947242418183). All depositors of this institution will be made whole. A snowball effect soon began as depositors became wary that something might be wrong regarding liquidity.

Crypto prices surged higher following President Biden's announcement of a backstop for bank deposits, propelling Bitcoin above $24k.

“All in all not surprising, given that these were challenged for the first time since March last year, but especially as long as the weekly 8EMA is above us, there is a lack of relative strength. “The immediate areas to watch on the daily timeframe now are $21,500 - $21,800 for support, and $22,600 - $23,000 for potential resistance.” government stepped in to prevent contagion in the banking sector, BTC price “bounced back all the way towards the 50-DMA located near $22,900,” Eight Global wrote. “Bulls have some momentum and more price gains this week would negate the price downtrend.” [(Kitco News)](/) - The cryptocurrency market is in a much better position than it was on Friday, as the move by the U.S. Stocks experienced less of a bounceback, initially jumping after President Biden announced an emergency backstop for deposits at struggling banks, only to see that momentum fade as the day progressed.

U.S. officials said depositors of New York's Signature Bank, which was closed on Sunday by the New York state financial regulator, would also be made whole ...

[Sensex](https://economictimes.indiatimes.com/indices/sensex_30_companies)and [Nifty](https://economictimes.indiatimes.com/indices/nifty_50_companies)Track [latest market news](https://economictimes.indiatimes.com/markets/stocks), [stock tips](https://economictimes.indiatimes.com/markets/stocks/recos)and [expert advice](https://economictimes.indiatimes.com/markets/expert-view)on [ETMarkets](https://economictimes.indiatimes.com/markets). Signature, like SVB, had a clientele concentrated in the tech sector, and the securities on its balance sheet had eroded as interest rates rose. The situation is evolving, but volatility looks set to remain elevated in coming days." SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. For fastest news alerts on financial markets, investment strategies and stocks alerts, [subscribe to our Telegram feeds](https://t.me/joinchat/J60pKE7SOStsj5sI8nDmHQ).) [Bitcoin](/news/bitcoin)and other cryptocurrencies rallied on Monday after U.S. It was at $0.9917, closer to par and up from last week's lows around $0.88. The U.S. Major exchange Binance said it would convert the remainder of a $1 billion industry recovery initiative fund from its BUSD stablecoin to native cryptocurrencies such as bitcoin, ether and Binance Coin, its CEO Changpeng Zhao said in a tweet on Monday, citing recent changes in stablecoins and the banking industry. authorities announced plans to limit the fallout from the collapse of [Silicon Valley Bank](/topic/silicon-valley-bank)( [SVB](/topic/svb)) and as cryptocurrency firm Circle assured investors its peg was secure. [Signature Bank](/topic/signature-bank), the second bank failure in a matter of days. Treasury and Federal Reserve announced a range of measures to stabilise the banking system and said depositors at SVB would have access to their deposits on Monday.

Bitcoin continued to gain in morning trading in Asia, as regulators acted to backstop the U.S. banking industry. Most of the top 10 cryptocurrencies gained.

ALSO: CoinDesk's Helene Braun writes that the current banking crisis won't doom banks that serve the digital asset industry.

[ Consensus 2023](https://consensus.coindesk.com/), CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [strict set of editorial policies](/ethics/). [MakerDAO Weighs Using Emergency Switch to Prevent Future DAI Depegging](https://www.coindesk.com/business/2023/03/13/makerdao-weighs-using-emergency-switch-to-prevent-future-dai-depegging/): The community proposal comes just two days after DAI followed stablecoin USDC in slipping beneath the one-dollar mark. [Coinbase Officially Suspends Binance USD Stablecoin Trading](https://www.coindesk.com/business/2023/03/13/coinbase-officially-suspends-binance-usd-stablecoin-trading/): Coinbase CEO Brian Armstrong previously said the decision was made due to liquidity concerns. [Ether is up 5%](https://www.coindesk.com/price/ethereum/), Binance’s BNB up 6%, and Dogecoin is up 2.5%. Bitcoin (BTC) has climbed above $24,000 in the last 24 hours, as the Federal Deposit Insurance Corporation said depositors of Silicon Valley Bank would have full access to their money beginning Monday morning, after confirming a successful transfer of deposits to a new bridge bank. “Crypto liquidity is likely to take a hit in the short-term, but this is an opportunity for new innovative challenger banks to step up and take the place of SVB, Silvergate and Signature,” said Andrei Grachev, managing partner at digital asset market maker DWF Labs. “The 2-year Treasury yield is down 49 basis points to 4.095%, which means we are almost down a full-point since last week. Notably, the largest deposit of USDC in the last 24 hours was 18.3 million, a 41% increase from the prior record of 13 million. “Bitcoin volatility should remain elevated and it will be interesting to see how much momentum will be left with today's surge." This would put crypto-fiat trading volumes more in line with proportions of the euro’s trading volumes versus the dollar’s.”

Data from Companies Market Cap shows Bitcoin has now overtaken tech giant Meta, despite being almost $37 billion below 24 hours prior.

[flipped the market cap](https://cointelegraph.com/news/bitcoin-market-cap-flips-payments-giant-visa-for-the-3rd-time) of payment processing giant Visa for the third time in history, putting it just ahead of the payments company. [data](https://companiesmarketcap.com/assets-by-market-cap/) from Companies Market Cap shows Bitcoin's market cap has reached $471.86 billion, surpassing that of Meta’s market cap of $469 billion. [BTC](https://cointelegraph.com/)) market cap has managed to flip that of tech giant Meta.

Bitcoin price surged over 15% and cleared the $24000 resistance. BTC might correct lower, but dips might be supported near the $23500 zone.

The next major support is near the $22,000 level or the 50% Fib retracement level of the upward move from the $19,550 swing low to $24,599 high. The price is up over 15% and there was a clear move above the $24,000 resistance zone. The next major resistance is near the $24,620 zone. A high is formed near $24,599 and the price is now consolidating gains. BTC gained bullish momentum and was able to clear the $23,500 resistance to move further into a positive zone. Bitcoin price surged over 15% and cleared the $24,000 resistance.