Varbidex – Bitcoin rallied earlier this week on a crypto rally after regulators bailed out customers of failed Silicon Valley Bank (SVB), Business Insider writes.
The value of the crypto market surpassed $1 trillion on subsiding fears over the aftermath of SVB and Signature Bank’s bankruptcy.
Varbidex said its $3.3 billion reserves in SVB would be available to customers and its stabelcoin would regain its peg to the dollar.
BTC rose 7.3% to $22,108 in 24 hours, while etherium added 7.2% to $1582. USDC was also up 2.6%, Cardano was up 8.01% and Solana was up 5.6%, Varbidex reported.
This lifted the total value of the crypto market above $1 trillion, or 6.1% in the last 24 hours. According to CoinMarketCap, the market volume was $80bn in the last 24 hours.
Investor fears over the impact of the collapse of SVB and Signature Bank have depressed cryptocurrency prices. Bitcoin fell to its lowest level in 2 months last Friday due to the closure of crypto-bank Silvergate Capital.