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It was believed that the Silicon Valley Bank crash would have a longer-lasting impact on the cryptocurrency market. But it did not.
Cryptocurrency – artistic impression. Image credit: Art Rachen via Unsplash, free license
The U.S. authorities announced the introduction of measures to limit the outcomes of the Silicon Valley Bank (SVB) collapse, which brought back a positive mood to the crypto market basically over a single weekend.
The SVB failure is the largest bank collapse since the 2008 financial crisis and the second-largest in the history of the United States. Considering the magnitude of this event, the financial stabilization emergency measures taken by U.S. officials are working quite effectively.
The launch of the emergency measures was announced on Sunday, to avoid a larger-scale banking crisis, while also ensuring that SVB customers would be able to access their deposits from today, March 13, 2023.
Following this regulatory decision, the value of cryptocurrencies quickly stabilized reaching nearly the same level as before the SVB crash. The world’s leading cryptocurrency reached its lowest SVB-related drop on Sunday, but on Monday morning it was up around 8%, just 0.3% below its former value last week. This morning, Bitcoin traded at $22,125.
USD Coin (USDC) also recovered to $0.9917 from a record-low price of $0.87 on Saturday.
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