Bitcoin

As the underlying issues in our economy are exposed by recent banking failures, Bitcoin stands as a trustless, alternative money.

Cryptocurrencies rose even after regulators Sunday announced the closure of Signature Bank, the last major crypto bank after Silvergate.

"News of the Fed creating a backstop helped to bolster equities and crypto overnight, however, as panic sets in we will have to see how today's market holds up." They helped solve this problem by creating easy banking services and payment platforms for crypto companies; namely, the Silvergate Exchange Network and Signature's Signet platform. Wall Street analysts Friday had maintained buy ratings on Signature Bank, even as the bad news around Silvergate and SVB unfolded. [Bitcoin](/quotes/BTC.CM=/) rose more than 15% to $24,382.98, according to Coin Metrics, and is now about 19% above its Friday levels. Crypto initially moved higher amid a broader rally in risk assets. [less aggressive in raising interest rates](https://www.cnbc.com/2023/03/13/dollar-slides-as-us-intervenes-on-svb-collapse.html) now that authorities have stepped in to limit the fallout from SVB and Signature.

Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, surged 18% to over $24,200 over the past 24 hours even as fallout from the ...

[ Consensus 2023](https://consensus.coindesk.com/), CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [strict set of editorial policies](/ethics/). As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of [stock appreciation rights](https://www.investopedia.com/terms/s/sar.asp), which vest over a multi-year period. Data from Coinglass shows that traders liquidated $300 million worth of crypto positions on Monday. A full $140 million worth of these liquidations were bitcoin

With the closure of Signature Bank, U.S. crypto companies have limited banking options, a blow to the industry. So why is Bitcoin rallying?

It may be too good to be true. It May Be Too Good to Be True.

Bitcoin, the digital currency that has long been viewed with skepticism by the financial establishment, is having its moment in the sun.

But at least for now, bitcoiners can shake their heads as the banking system once again depends on the government to throw it a lifeline. Oh, the irony of it all. Before joining Forbes I worked as a reporter and editor at Bloomberg where I covered everything... People are realizing the importance of sound money with no counterparty risk.” Bitcoin's rise is particularly sweet for its adherents, who’ve long argued that it represents a sound alternative to the traditional banking system. The currency is still down about 65% from its all-time high, and its price remains notoriously haywire.

The price of Bitcoin is surging, up 19.8% in the past day after regulators and the Joe Biden Administration stepped in to assuage investors that depositors ...

A number of crypto companies [admitted](https://decrypt.co/123199/silicon-valley-bank-crypto-companies-contagion) their exposure to the firm through the weekend, sending the prices of every coin and token plunging. Circle, the issuer of the USDC stablecoin, revealed it had $3 billion stuck in the bank. Ethereum, the second largest digital asset, was up 15% in 24 hours; it is up 3.4% in the past hour, priced at $1,680. But the Federal Reserve, U.S. The rest of the crypto market is also in the green, with Dogecoin, the ninth largest digital asset by market cap up 11% in the past 24 hours, trading hands for $0.073. The price of Bitcoin is surging, up 19.8% in the past day after regulators and the Joe Biden Administration stepped in to assuage investors that depositors in the failed Silicon Valley Bank would be made whole—and that the U.S.

Somewhere out there, there are ride-or-die diamond-hand crypto HODLers who believe that they've been vindicated by the losses in the banking industry.

[NYSE:SI](https://www.tipranks.com/stocks/si/forecast)) failing and Signature Bank ( [NASDAQ:SBNY](https://www.tipranks.com/stocks/sbny/forecast)) sputtering, a lot of crypto’s allies are out of the fold, at least temporarily. [last three months of bitcoin trading](https://www.tipranks.com/cryptocurrency/btc-usd), bitcoin saw a rally throughout much of January and February. Many were halted for trading throughout the morning, and that left bitcoin looking a lot less risky in the interim.

Cryptocurrency got a boost of $70 billion and topped $1 trillion on Monday amid the downfall of Silicon Valley Bank, with Bitcoin alone spiking 10%.

economy](http://www.foxbusiness.com/category/us-economy) by strengthening public confidence in our banking system," the Treasury Department, Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) said in a joint statement Sunday. prior to the bank run that led to its downfall. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth." SVB had been the 16th-largest bank in the U.S. The crypto market overall topped $1 trillion thanks to a boost of roughly $70 billion, according to CNBC. Ether also saw a spike of roughly 10%.

Even as the USDC stablecoin repegs at $1, the current 0% premium indicates a lack of leverage buying demand for Bitcoin via futures instruments.

dollar deposits, with [the closure of Signature Bank affecting OKCoin](https://cointelegraph.com/news/okcoin-suspends-usd-deposits-in-wake-of-signature-bank-closure). [Silvergate Bank stock price collapse on March 1](https://cointelegraph.com/news/silvergate-stock-plunges-31-after-delayed-filing-raises-doubts-over-future) after the delayed filings of its annual 10-K financial report. dollar](https://cointelegraph.com/news/usdc-bounces-back-towards-1-peg-after-fed-announcement) on March 10. Fiat gateway on and off ramps are critical for stablecoins, market markers, and cryptocurrency exchanges for a variety of reasons. Signature Bank was one of the most prominent financial institutions serving the cryptocurrency industry, alongside Silvergate Bank, which announced its [voluntary liquidation](https://cointelegraph.com/news/silvergate-capital-corporation-will-voluntarily-liquidate-silvergate-bank) last week. Consequently, the Bitcoin 3-month futures premium turned into a discount, otherwise known as backwardation. Such an unusual movement caused price distortion across exchanges, prompting Binance and Coinbase to disable the automatic conversion of the USDC stablecoin. The chart shows traders had been neutral-to-bearish until March 10 as the basis indicator oscillated between 2.5% and 5%. Bitcoin quarterly futures are popular among whales and arbitrage desks. According to the regulators' joint statement, "no losses will be borne by the taxpayer," although the strategy for deploying Treasury assets is questionable. The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date. [USDC](https://cointelegraph.com/usdc-price-index)) also caused significant turmoil in the cryptocurrency industry after [breaking below its 1:1 peg with the U.S.

Over the past 24 hours, Bitcoin prices have soared in a rebound after recording a major plummet last week following the Silvergate fallout...

BTC trading volume has spiked from a weekend-low of $25 billion to as high as $60 billion in the last 24 hours. MATIC was also part of the spike movement with a surge of 12.2%. At the time of writing ETH currently trades at $1,689 looking to soon cross over the $1,700 mark. [Bitcoin](https://www.newsbtc.com/news/bitcoin/buy-bitcoin-says-messari-ceo-amid-market-downtrend/) prices have soared in a rebound after recording a major plummet last week following the Silvergate fallout. With news such as Silvergate shutting down operations and KuCoin being sued in New York, Bitcoin plummeted below $20,000 with a local bottom of $19,736 as of March 10. Despite the fact that there is a reason for the decline in price, BTC has only continued to show a bullish trend since Sunday.

According to Arthur Hayes, Bitcoin and the broader crypto market are poised for a new bull run in the face of the brewing banking crisis.

Will the Fed completely suspend its rate hikes? And the first cracks in the Fed’s quantitative tightening (QT) cycle are imminent. Even though the Fed is only replacing existing money, the signal effect is clear. And that moment may have arrived, as analyst Dylan LeClair, among others, explains in his latest tweet, referring to the Fed Funds Futures. Federal Reserve (Fed) chairman Jerome Powell has consistently emphasized in recent months that he will keep raising interest rates until inflation is back at 2% or until something breaks. Has the Fed really cranked up the money printing machine again to bail out Silicon Valley Bank (SVB), kicking off Quantitative Easing (QE)?

Amid a U.S. banking crisis, value is flowing into bitcoin. Is this the beginning of the “Great Reset?” investor and author Tatiana Koffman asks.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [ Consensus 2023](https://consensus.coindesk.com/), CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. The Great Reset presupposes a future where bitcoin is the most valuable asset and the ultimate measure of value. A significant shift is underway, and more people are opting out of the traditional system. [strict set of editorial policies](/ethics/). The depegging of USDC is significant because Circle, considered a highly regulated and secure business, was poised to go public as a separate entity. [below 87 cents](https://www.coindesk.com/markets/2023/03/11/traders-bet-on-usd-coin-rebound-as-usdc-falls-to-90-cents/) on Saturday. [direct response](https://www.coindesk.com/learn/who-is-satoshi-nakamoto/) to the Great Financial Crisis in 2008, during a period when many hardworking people felt both the government and the financial system were working against them. As rumors of a cash shortfall began to circulate, a full-on run on the bank ensued and regulators took over. At the same time, Silicon Valley Bank was forced to sell some of the 10-year bonds on its balance sheet at a 20%-30% discount to meet obligations amid a period of climbing withdrawals. The expectation of higher interest rates for a prolonged period of time almost immediately sent a ripple effect through the bond market, causing bond prices to drop drastically because prices move opposite to yields. The failure of Silicon Valley Bank, Silvergate Bank and Signature Bank continue to ripple through the markets, causing U.S.