Bitcoin passes $24,000 as crypto prices soar amid bank jitters


Cryptocurrency prices extended gains Monday, lifted over the weekend as investors assessed the fallout from the collapse of Silicon Valley Bank and crypto-friendly Signature Bank alongside a commitment by federal regulators to backstop depositors at both institutions and across the banking system.

was up 18.34% at $24,417 over the past 24 hours, according to CoinDesk data. Ether
was trading at $1,690, up 14.87% in the past 24 hours, according to CoinDesk.

“Bitcoin is bouncing back after Federal regulators intervened to prevent further bank runs following the collapse of Silicon Valley Bank,” said Edward Moya, an analyst at OANDA, in an email. “The collapse of SVB has led to the biggest yield drop in decades and that is great news for cryptos. All of sudden financial instability risks are here and that has many traders thinking the Fed’s tightening work is done.”  

U.S. equities markets were trading higher, though price action was choppy, with the Dow Jones Industrial Average
and S&P 500
up 0.8%. The Nasdaq Composite
100 was up 1.2%.

The closure of Signature Bank comes just a week after Silvergate Bank, which was also significant to the crypto industry, wound down operations.




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