Bitcoin surged by 5.3% to reach US$21,582, the highest gain in almost a month after the US Federal Reserve announced measures to protect depositors’ money and provide easier terms for short-term loans to help cash-strapped banks. The move came after the collapse of Silicon Valley Bank and the closure of the Signature Bank by the New York state financial regulator. Rachel Lin, co-founder of SynFutures, stated that the Federal Reserve’s rescue plan had boosted market confidence and eased concerns about the potential of further collapses. Other cryptocurrencies, including Cardano, Litecoin, Tron, and Avalanche, also experienced gains.
Source: https://www.bloomberg.com
