Bitcoin Surges Nearly 20% Following Silicon Valley Bank 'Bailout'

Written By Alina Aeby

By Mat Di Salvo. Source: Decrypt.co

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. banking system remains on stable ground.

At the time of writing, Bitcoin was trading for $24,428, a near 20% increase in the past day and 6% jump in the past hour, according to CoinGecko. 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. 

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Alina Aeby
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