Bitcoin rebounds from US government announcement

The Bitcoin price exceeded 22,000 dollars while the American authorities announced last night to take measures for protect the depositors of banks SVB and Signature.

On Sunday night, the U.S. government said it was taking steps to bolster confidence in the banking system, indicating that it would fully reimburse all depositors of Silicon Valley Bank and Signature Bank, two banks – which served crypto companies, among others – that were recently closed by authorities.

Following the announcement released just before midnight, the price of Bitcoin (BTC), which had already begun to climb in the early evening, to accelerate its progress and exceeded $22,000. Over 24 hours, the price of the digital token gains nearly 9% to about $22,400.

Bitcoin (BTC) 24 hour price – source : CMC

The rest of the market is also in the green. ETH, BNB and ADA gained 8, 9 and 11% respectively. XRP, the native token of the Ripple network, recorded a more timid rise, +1.3% to about $0.36.

The Federal Reserve’s bailout has boosted market confidence and eased concerns about the potential collapse of additional players, especially since Signature is a major bank in the crypto industry,” explained Rachel Lin, co-founder of SynFutures, on Bloomberg.

The Crypto Fear & Greed Indexwhich posted “fear” with a score of 34 on Friday as BTC fell below $20k, is positioned this Monday on ” neutral ” à 49. The overall capitalization of the cryptocurrency market is again above 1000 billion dollarsaccording to data provided by CMC.

On Twitter, several bitcoiners said that the failures of these banks demonstrated once again the “power” of Bitcoin. ” Bitcoin allows you to bypass banks and take ownership of your wealth directly,” Nik Bhatia and Joe Consorti wrote in a blog post.

Binance CEO, CZhas indicated that Binance will convert the BUSD remaining from its fund to support the industry in various cryptosincluding BTCETH and BNB, “given the changes in stablecoins and banks”.

Given the changes in stablecoins 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 🔶 Binance (@cz_binance) March 13, 2023

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