Government decides on a rescue plan – Bitcoin & Co recovers heavily, USDC back at 1 dollar

Government decides on a rescue plan - Bitcoin & Co recovers heavily, USDC back at 1 dollar

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The story of the story may be true, but the prices of Bitcoin and Co. boosted by news of government intervention in the banking crisis. As a result, the market cap of all currencies has risen above the $1 trillion mark.

The recently battered crypto market is turning green again following a joint statement from the Federal Reserve, the US Treasury Department and the FDIC that all depositors at the now closed Silicon Valley Bank and Signature Bank will be able to withdraw their funds on Monday .

As of late Sunday night, Bitcoin (BTC) was at $22,300 and Ethereum (ETH) at $1,596 — up about 8% in the past 24 hours, according to CoinMarketCap price data.

The top 30 coins Cardano (ADA), Polygon (MATIC), Solana (SOL), Litecoin (LTC), Avalanche (AVAX) and Filecoin (FIL) are also up more than 10%.

The news did not seem to have the same effect on traditional financial markets – and the US dollar fell in early trading on Monday.

The FBI closes Signature Bank – depositors with compensation

The United States Dollar (USDC), the second most important stablecoin in the market, has regained its dollar peg, returning to a price of 99.3 cents on multiple price indices. USDC fell to a new all-time low of 87 cents on Friday night after the USDC Issuing Circle announced that Silicon Valley Bank had USDC 3.3 billion in cash reserves.

The weekend’s plunge dented confidence in USDC and other stablecoins like USDD and USDP, raising doubts about the viability of constables in general. It is not certain that those doubts will be resolved as USDC recovers.

It all started with Silvergate

The current banking chaos and collapse began a little over a week ago when crypto-friendly Silvergate Bank showed signs of trouble. After many crypto companies using Silvergate (including Coinbase, Galaxy, Gemini and said they would stop using it, Silvergate closed its “Silvergate Exchange Network”. Then, on Wednesday, Silvergate said it was going out of business.

Two days later, on Friday, Nasdaq halted trading with Silicon Valley Bank. He had a $42 billion bank run the day before and was reportedly seeking an emergency takeover. Within hours, regulators shut down the SVB, prompting bank and technology stocks to drop dramatically.

The fear: Other regional banks could also get into trouble. Many crypto and tech startups have publicly announced whether they have any money in the SVB. Then, on Sunday, New York state financial regulators abruptly shut down Signature Bank, citing systemic risk as the reason.

Sunday night’s aid announcement from the Fed, Treasury Department and FDIC appears to have stopped the bleeding of cryptocurrencies and stocks so far, with S&P and Nasdaq futures rising sharply ahead of the market.

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