Bitcoin explodes 10 % daily due to positive SVB developments, Binance $ 1b injection: Market Watch

Bitcoin explodes 10 % daily due to positive SVB developments, Binance $ 1b injection: Market Watch

It was a while ago that the last time we saw so many developments in such a short time on the cryptocurrency market. The most important information seems to be that the US government has assured the Federal Reserve, the Ministry of Finance and the FDIC that the savers of Silicon Valley Bank will be saved.

Bitcoins price rally

The Bitcoin price crashed a few days ago because it was feared that Silicon Valley Bank will not be able to meet customers withdrawal applications.

The bank was closed on Friday and the market collapsed. However, it didn't take long for the US government to intervene. In a joint explanation of the Federal Reserve, the Ministry of Finance and the Federal Deposit Insurance Company, civil servants promised to make the inserts healthy:

This step will ensure that the US banking system continues to fulfill its important role in the protection of deposits and provision of loans for households and companies in a way that promotes strong and sustainable economic growth.

The markets seem to have been calmed down when Bitcoin's price together with which the broader cryptocurrency industry recorded a rally.

Tradingview

At the time of writing this article, BTC is traded over $ 22,000 after it has increased by almost 10 % that day.

old coins also green

A little to be expected, most old coins are also colored green and have similar profits in the last 24 hours.

Krypto quantify

It is also important to note that another reason for the astronomical increase in the past few hours is that Binance will convert the rest of the $ 1 billion from your Industry Recovery Initiative into BTC, BNB and ETH.

cz commented on the matter as follows:

In view of the changes in stablecoins and banks, Binance will convert the remaining funds of the Industry Recovery Initiative of $ 1 billion from Busd into native cryptos, including BTC, BNB and ETH. Some fund movements will take place in the chain. Transparency.

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