Bitcoin Financial News

Amid the ongoing United States banking crisis, several major cryptocurrency firms have denied exposure to dissolved U.S. banks like Silicon Valley Bank (SVB).

During the intraday trading session on 13 March, sentiments across the cryptocurrency market improved. This, following the decision by the U.S. Department of the Treasury, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) to restore all customer deposits at failed Silicon Valley Bank (SVB).

JOMO stands for the joy of missing out — particularly when a cryptocurrency trader refuses to follow the crowd. This is the opposite of FOMO, or fear of missing out, and it's the counterbalance to price rallies driven by hype and frenzy.

Bitcoin and other cryptocurrencies rallied on Monday after U.S. authorities announced plans to limit the fallout from the collapse of Silicon Valley Bank (SVB) and as cryptocurrency firm Circle assured investors its peg was secure. The U.S. 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. The moves came as authorities took possession of New York-based Signature Bank, the second bank failure in a matter of days.Stablecoin USD Coin (USDC), which had lost its 1:1 dollar peg and hit an all-time low on Saturday on concerns over the exposures of Circle, the firm behind USDC, to Silicon Valley Bank, recovered. It was at $0.9917, closer to par and up from last week's lows around $0.88.

Bitcoin (BTC) eyed key resistance near $25,000 on March 14 as markets awaited key economic data from the United States.

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Despite a turbulent week for crypto following the downfall of Silicon Valley Bank (SVB) and Signature Bank, Bitcoin (BTC) market cap has managed to flip that of tech giant Meta.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Sharing a statistically significant positive correlation with Bitcoin [BTC], the rally in the king coin’s price due to Federal regulators’ decision to restore all deposits at Silicon Valley Bank (SVB) has resulted in price gains for Metaverse tokens like Apecoin [APE] and Decentraland [MANA].

Digital asset investment products saw their highest-ever weekly outflow last week, according to the latest Digital Asset Fund Flows Weekly Report released by CoinShares. The $255 million in net outflows amounted to 1.0% of total assets under management (AuM) fleeing from the space.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Binance CEO Changpeng Zhao announced on 13 March that the exchange would stop keeping the rest of the $1 billion recovery fund in stablecoin.

Bitcoin (BTC) and Ethereum (ETH) managed to reclaim the $22,000 level on Monday, suggesting some stability in the cryptocurrency market. After dropping to its lowest level since January, Bitcoin has surpassed the $22,000 mark and has seen a 10% increase in value on the day. 

The price of Bitcoin (BTC) increased by 14.4% between March 12-13 after it was confirmed that financial regulators had rescued depositors in the failing Silicon Valley Bank (SVB). The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date.

Bitcoin and Ethereum were both up by more than 9% in the last 24 hours retracing their weekend losses and propping up the crypto market. The stablecoins also saw a surge as they regained their peg. 

Yet another crypto-friendly bank has gone down with the collapse of New York-based Signature Bank. But according to the industry, crypto now cannot be stopped.

Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company.

Three banks, Silvergate, Silicon Valley Bank and Signature collapsed within a span of a few days. That increased demand for United States government bonds, which sent the yield on the 2-year Treasury tumbling to 4.06%, a fall of 100 basis points since March 8.

The cryptocurrency market has had a tumultuous few days; Bitcoin and other digital assets took a tumble before recovering late in the week to recoup some of their losses.  

Financial markets have been engulfed with fear in recent days, as fears that a tumultuous sequence of banking crises could become a contagion in the sector.

The prospect of financial support from the US government for depositors, of new liquidity injections and of easier policy ahead from the US Federal Reserve in response to recent US bank implosions has sent crypto prices lurching higher in tandem with sharp declines in US yields and the US dollar.