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24 Hrs Crypto Update, Mar 12: Crypto Market skyrocketed in response to SVB rescue rumours

Key Takeaways

  • The cryptocurrency market experienced a significant price surge following the announcement that U.S. banking regulators had taken control of Silicon Valley Bank and Signature Bank, both of which have strong ties to the crypto industry.
  • The prices of BTC, ETH, BNB and BCH showed unexpected rise in the last 24 hours.
13 Mar 2023 By : COIN GABBAR
24 Hrs Crypto Update


Indices LTP Change (%)
BITCOIN $22500 9.25%
ETHEREUM $1599 9.30%


Indices VALUE Change (%)
MARKET CAP $1.06 T 7.80%


Indices LTP Change (%)
MEME $302.02 495.76%
FUTURE COIN $0.076 154.46%
FROYO GAMES $0.0043 68.69%
DAV NETWORK $0.00094 55.85%

Top 5 Loser

Indices LTP Change (%)
HUBOI BTC $22211 79.18%
CVNX $0.0027 54.04%
FANTOHM $0.57 41.07%
NUCYPHER $0.11 36.59%

Following the recent collapse of several banks in the United States, the Federal Reserve Board has taken action by announcing a funding of $25 billion to support banks and other depository firms. In the midst of this financial turmoil, Circle's stablecoin USD Coin (USDC) has managed to regain its value of $1.

Major Events Around the World

  • Signature Bank, a New York-based financial institution that has been known for its support of cryptocurrency, has recently been shut down and is now under the control of the New York Department of Financial Services (NYDFS). This development has sent shockwaves throughout the financial industry, as Signature Bank was considered to be a major player in the world of digital assets.

  • Circle's stablecoin, USD Coin (USDC), is steadily returning to its $1 peg. This comes after CEO Jeremy Allaire confirmed that the company's reserves are secure and that they have secured new banking partners, with transactions set to begin as soon as "banking opens tomorrow morning."

  • Former Bridgewater executive and CEO of investment firm Unlimited, Bob Elliot, has warned that the decisions made by the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) regarding the future of Silicon Valley Bank (SVB) could have far-reaching consequences for regional banks throughout the United States. The potential risk of a bank run could put trillions of dollars at stake. It is crucial that the authorities take a measured and informed approach to ensure the stability of the banking system.

COINGABBAR Views: If you have invested in crypto as an alternative to traditional currencies, this event may cause you to reconsider your investment strategy. However, the true value of this technology lies in the potential of blockchain and the innovative business models it can enable. Therefore, I view the recent market drop as an opportunity to invest in crypto. Stay tuned with us for more updates at

Also read: South Dakota Governor Stands Up for Cryptocurrencies

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.