The price of Bitcoin and other cryptocurrencies are surging on Monday, following the announcement of measures to reduce fallout from the collapse of Silicon Valley Bank (SVB).
Bitcoin rose over surged over 18% to as high as $24,406.2, with Ether rising 0ver 14% to $1,690.18 according to Investing.com data.
Other cryptos like Cardano, Solana, BNB, Vechain are all gaining over 10%. Dash and Litecoin are up 20.86% and 18.70% respectively in the last 24 hours.
The US Treasury and Federal Reserve have assured the depositors were assured access to their deposits today. cryptocurrency firm Circle reassured investors that its peg was secure.
The New York State Department of Financial Services announced that Signature Bank depositors who closed on Sunday would be fully reimbursed at no cost to taxpayers.
In another development, Binance co-founder and CEO Changpeng “CZ” Zhao tweeted today that with the “changes in stablecoins and banks,” the exchange will be converting the remaining $1 billion funds in its Industry Recovery Initiative to “native crypto.“
Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank — caused the USD Coin USDC tickers down $1.00 stablecoin to fall to as low as $0.87 from its $1 peg.
Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.
— CZ 🔶 BNB (@cz_binance) March 13, 2023
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
