Bitcoin jumps as much as 10% with crypto market topping $1 trillion as U.S. creates backstop for SVB depositors
Publishing timestamp: 2023-03-13 09:42:42
Summary
Cryptocurrencies rallied on Monday as the US government moved to protect depositors of collapsed Silicon Valley Bank and HSBC bought the bank's UK arm. The overall cryptocurrency market gained more than $70 billion in 24 hours, jumping back above $1 trillion. The recent collapse of Silvergate Capital and Silicon Valley Bank, both major lenders to the crypto industry, has caused volatility in the market. However, the US government's moves to create a backstop for SVB and protect depositors has boosted investor confidence. HSBC has also agreed to acquire the UK arm of SVB.
Sentiment: NEUTRAL
Tickers: SBNY, ETH.CM=, BTC.CM=, SIVB, 5-HK, HSBA-GB,
Keywords: markets, bitcoin/usd coin metrics, cryptocurrency, hsbc holdings plc, bitcoin, signature bank, venture capital, svb financial group, ethereum/usd coin metrics, currency markets, business news, banks, technology, united states,
Source: https://www.cnbc.com/2023/03/13/bitcoin-btc-crypto-prices-surge-as-svb-depositors-protected.html