Bitcoin

As the underlying issues in our economy are exposed by recent banking failures, Bitcoin stands as a trustless, alternative money.

Cryptocurrencies rose even after regulators Sunday announced the closure of Signature Bank, the last major crypto bank after Silvergate.

"News of the Fed creating a backstop helped to bolster equities and crypto overnight, however, as panic sets in we will have to see how today's market holds up." They helped solve this problem by creating easy banking services and payment platforms for crypto companies; namely, the Silvergate Exchange Network and Signature's Signet platform. Wall Street analysts Friday had maintained buy ratings on Signature Bank, even as the bad news around Silvergate and SVB unfolded. [Bitcoin](/quotes/BTC.CM=/) rose more than 15% to $24,382.98, according to Coin Metrics, and is now about 19% above its Friday levels. Crypto initially moved higher amid a broader rally in risk assets. [less aggressive in raising interest rates](https://www.cnbc.com/2023/03/13/dollar-slides-as-us-intervenes-on-svb-collapse.html) now that authorities have stepped in to limit the fallout from SVB and Signature.

Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, surged 18% to over $24,200 over the past 24 hours even as fallout from the ...

[ Consensus 2023](https://consensus.coindesk.com/), CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [strict set of editorial policies](/ethics/). As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of [stock appreciation rights](https://www.investopedia.com/terms/s/sar.asp), which vest over a multi-year period. Data from Coinglass shows that traders liquidated $300 million worth of crypto positions on Monday. A full $140 million worth of these liquidations were bitcoin

With the closure of Signature Bank, U.S. crypto companies have limited banking options, a blow to the industry. So why is Bitcoin rallying?

It may be too good to be true. It May Be Too Good to Be True.

Bitcoin, the digital currency that has long been viewed with skepticism by the financial establishment, is having its moment in the sun.

But at least for now, bitcoiners can shake their heads as the banking system once again depends on the government to throw it a lifeline. Oh, the irony of it all. Before joining Forbes I worked as a reporter and editor at Bloomberg where I covered everything... People are realizing the importance of sound money with no counterparty risk.” Bitcoin's rise is particularly sweet for its adherents, who’ve long argued that it represents a sound alternative to the traditional banking system. The currency is still down about 65% from its all-time high, and its price remains notoriously haywire.

The price of Bitcoin is surging, up 19.8% in the past day after regulators and the Joe Biden Administration stepped in to assuage investors that depositors ...

A number of crypto companies [admitted](https://decrypt.co/123199/silicon-valley-bank-crypto-companies-contagion) their exposure to the firm through the weekend, sending the prices of every coin and token plunging. Circle, the issuer of the USDC stablecoin, revealed it had $3 billion stuck in the bank. Ethereum, the second largest digital asset, was up 15% in 24 hours; it is up 3.4% in the past hour, priced at $1,680. But the Federal Reserve, U.S. The rest of the crypto market is also in the green, with Dogecoin, the ninth largest digital asset by market cap up 11% in the past 24 hours, trading hands for $0.073. The price of Bitcoin is surging, up 19.8% in the past day after regulators and the Joe Biden Administration stepped in to assuage investors that depositors in the failed Silicon Valley Bank would be made whole—and that the U.S.

Somewhere out there, there are ride-or-die diamond-hand crypto HODLers who believe that they've been vindicated by the losses in the banking industry.

[NYSE:SI](https://www.tipranks.com/stocks/si/forecast)) failing and Signature Bank ( [NASDAQ:SBNY](https://www.tipranks.com/stocks/sbny/forecast)) sputtering, a lot of crypto’s allies are out of the fold, at least temporarily. [last three months of bitcoin trading](https://www.tipranks.com/cryptocurrency/btc-usd), bitcoin saw a rally throughout much of January and February. Many were halted for trading throughout the morning, and that left bitcoin looking a lot less risky in the interim.

Over the past 24 hours, Bitcoin prices have soared in a rebound after recording a major plummet last week following the Silvergate fallout...

BTC trading volume has spiked from a weekend-low of $25 billion to as high as $60 billion in the last 24 hours. MATIC was also part of the spike movement with a surge of 12.2%. At the time of writing ETH currently trades at $1,689 looking to soon cross over the $1,700 mark. [Bitcoin](https://www.newsbtc.com/news/bitcoin/buy-bitcoin-says-messari-ceo-amid-market-downtrend/) prices have soared in a rebound after recording a major plummet last week following the Silvergate fallout. With news such as Silvergate shutting down operations and KuCoin being sued in New York, Bitcoin plummeted below $20,000 with a local bottom of $19,736 as of March 10. Despite the fact that there is a reason for the decline in price, BTC has only continued to show a bullish trend since Sunday.

Cryptocurrency got a boost of $70 billion and topped $1 trillion on Monday amid the downfall of Silicon Valley Bank, with Bitcoin alone spiking 10%.

economy](http://www.foxbusiness.com/category/us-economy) by strengthening public confidence in our banking system," the Treasury Department, Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) said in a joint statement Sunday. prior to the bank run that led to its downfall. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth." SVB had been the 16th-largest bank in the U.S. The crypto market overall topped $1 trillion thanks to a boost of roughly $70 billion, according to CNBC. Ether also saw a spike of roughly 10%.

Even as the USDC stablecoin repegs at $1, the current 0% premium indicates a lack of leverage buying demand for Bitcoin via futures instruments.

dollar deposits, with [the closure of Signature Bank affecting OKCoin](https://cointelegraph.com/news/okcoin-suspends-usd-deposits-in-wake-of-signature-bank-closure). [Silvergate Bank stock price collapse on March 1](https://cointelegraph.com/news/silvergate-stock-plunges-31-after-delayed-filing-raises-doubts-over-future) after the delayed filings of its annual 10-K financial report. dollar](https://cointelegraph.com/news/usdc-bounces-back-towards-1-peg-after-fed-announcement) on March 10. Fiat gateway on and off ramps are critical for stablecoins, market markers, and cryptocurrency exchanges for a variety of reasons. Signature Bank was one of the most prominent financial institutions serving the cryptocurrency industry, alongside Silvergate Bank, which announced its [voluntary liquidation](https://cointelegraph.com/news/silvergate-capital-corporation-will-voluntarily-liquidate-silvergate-bank) last week. Consequently, the Bitcoin 3-month futures premium turned into a discount, otherwise known as backwardation. Such an unusual movement caused price distortion across exchanges, prompting Binance and Coinbase to disable the automatic conversion of the USDC stablecoin. The chart shows traders had been neutral-to-bearish until March 10 as the basis indicator oscillated between 2.5% and 5%. Bitcoin quarterly futures are popular among whales and arbitrage desks. According to the regulators' joint statement, "no losses will be borne by the taxpayer," although the strategy for deploying Treasury assets is questionable. The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date. [USDC](https://cointelegraph.com/usdc-price-index)) also caused significant turmoil in the cryptocurrency industry after [breaking below its 1:1 peg with the U.S.

According to Arthur Hayes, Bitcoin and the broader crypto market are poised for a new bull run in the face of the brewing banking crisis.

Will the Fed completely suspend its rate hikes? And the first cracks in the Fed’s quantitative tightening (QT) cycle are imminent. Even though the Fed is only replacing existing money, the signal effect is clear. And that moment may have arrived, as analyst Dylan LeClair, among others, explains in his latest tweet, referring to the Fed Funds Futures. Federal Reserve (Fed) chairman Jerome Powell has consistently emphasized in recent months that he will keep raising interest rates until inflation is back at 2% or until something breaks. Has the Fed really cranked up the money printing machine again to bail out Silicon Valley Bank (SVB), kicking off Quantitative Easing (QE)?

Data from Companies Market Cap shows Bitcoin has now overtaken tech giant Meta, despite being almost $37 billion below 24 hours prior.

[flipped the market cap](https://cointelegraph.com/news/bitcoin-market-cap-flips-payments-giant-visa-for-the-3rd-time) of payment processing giant Visa for the third time in history, putting it just ahead of the payments company. [data](https://companiesmarketcap.com/assets-by-market-cap/) from Companies Market Cap shows Bitcoin's market cap has reached $471.86 billion, surpassing that of Meta’s market cap of $469 billion. [BTC](https://cointelegraph.com/)) market cap has managed to flip that of tech giant Meta.

Despite being among the riskiest trading vehicles, cryptocurrency is surging following the blowup of Silicon Valley Bank. Here's why it's surging amid the ...

This is what’s known among investors as the “greater fool theory of investing,” and it’s why legendary investors such as A more important risk is the lack of inherent value in most cryptocurrencies. But volatility is only one part of the risk inherent in cryptocurrency. Even so-called safe assets such as stablecoins can move significantly, as traders saw in 2022 with the spectacular blow-up of the UST stablecoin. When trading volatile assets, inexperienced traders can easily make mistakes and let their emotions get the best of them. Another cryptocurrency was under pressure over the weekend, a so-called stablecoin called USD Coin, whose goal is to peg its value to the U.S. dollar and to maintain a value of $1. Cryptocurrency is a risky asset that trades on changes in the future direction of interest rates, similarly to how many growth stocks do. As the bellwether for the sector, Bitcoin ran up about 18 percent following the news that regulators were insuring all depositors at Silicon Valley Bank and creating a fund to bolster others across the U.S. But Bitcoin’s move may seem paradoxical, since investors seem more jittery and prone to run to “safe haven” assets such as U.S. “As actors begin to understand the role which U.S. After all, cryptocurrency is generally among the riskiest possible trading vehicles, typically backed by no hard assets or cash flow of an underlying company, unlike stocks.

Banking sector stress strengthens the case for Fed pause next week. Likely beneficiaries from the financial stress are gold and bitcoin, one observer said.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [ Consensus 2023](https://consensus.coindesk.com/), CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. That's clearly changed in the wake of the Silicon Valley Bank collapse," analysts at ING said in a note to clients on Tuesday. The core CPI, which excludes the volatile food and energy component, is projected at 0.4% month-on-month and 5.5% year-on-year. "The Fed would no doubt prefer the system to look and feel safer. CPI [inflation data due on Tuesday] is less relevant – the system is key for now," analysts added. Likely beneficiaries from the financial stress are gold and bitcoin - hard assets," the author of the popular Crypto is Macro Now newsletter told CoinDesk. The central bank has lifted the official borrowing cost by 450 basis points in one year, roiling risk assets, including cryptocurrencies. "Likely beneficiaries from the financial stress are gold and bitcoin, the hard assets." dollars from one another, surged to 54.00, the highest since March 2020, according to [data source](https://en.macromicro.me/charts/45928/us-fra-ois-spread) MacroMicro. The leading cryptocurrency by market value rose to a three-week high of $24,900, extending a three-day winning streak, CoinDesk data show. When the interbank lending market is strained or dysfunctional, banks face greater liquidity risk, which can result in insolvency.

The rebound in crypto prices is likely being driven by expectations of more accommodative monetary policy. Inflation data puts that narrative at risk.

[hasn’t seen since mid-February](https://www.barrons.com/articles/bitcoin-ethereum-price-crypto-markets-today-b86262c4?mod=article_inline). Bitcoin rallied to a peak above $25,000 last month from around $16,500 at the start of January, but its climb higher stagnated in March and saw the crypto fall below the $20,000 level last week [amid worries over crypto banks and the regulatory picture](https://www.barrons.com/articles/bitcoin-crypto-markets-today-8f5a68aa?mod=article_inline). ](https://www.barrons.com/market-data/cryptocurrencies/btcusd?iso=coindesk)

Traders seek options to hedge against market volatility as U.S. bank failures triggered sharp repricing of interest rate expectations.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). A similar pattern is observed in the ether options market, where the seven-day implied volatility rose to a two-month high of 77% early today. Bitcoin's seven-day annualized implied volatility (IV), the market's expectation of price turbulence in the short term, rose to a four-month high of 90% early today. Volume in options tied to Wall Street's fear gauge, the VIX index, soared to a four-year high last week, per Reuters. Call options give the right to buy, while put options give the right to sell. The 24-hour notional volume in ether options totaled $948 million as of writing, the highest since November.

In the midst of the financial crisis that has engulfed the U.S. banking, Bitcoin has thrived over the weekend, surpassing the $23000 level.

A break above $24,000 and further consolidation in the previously lost zone is significant for BTC as it is at a critical area. For the analyst, BTC’s current price movement is a long-term accumulation zone between the $15,500 and $25,200 levels. [According ](https://twitter.com/crypto_birb/status/1634663467952095233?s=20)to Adrian Zdunczyk, the price of Bitcoin has retraced 20% from the peak of $25,000. But what are the keys to the price action that Bitcoin is currently experiencing? For BTC investors, Bitcoin has served its purpose while the traditional U.S. The cryptocurrency surpassed the $23,000 level and seems poised to take by storm the lost territory at $25,000.

BTC price looks to attack $25000 with Bitcoin bracing for new U.S. CPI data.

Hopefully, we’ll be in — in some solid shape.“ “You’d preferably want to see some period of consolidation (CPI day today) before continuation. div and fall back, I’d be looking for shorts to $23K.” [thread](https://twitter.com/CathieDWood/status/1635259814292123649) on March 13, Wood, under whose leadership ARK [continues to increase crypto exposure](https://cointelegraph.com/news/cathie-wood-s-ark-ignores-silvergate-buys-coinbase-stock-for-6th-straight-month) [, called for a Fed “pivot” on rates.](https://cointelegraph.com/news/cathie-wood-s-ark-ignores-silvergate-buys-coinbase-stock-for-6th-straight-month) On the day, expectations already pointed to the Fed abandoning rate hikes altogether — regardless of CPI trends. [revealed](https://twitter.com/xtrends/status/1635372942778331137) in part of the Twitter commentary. [said](https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/03/10/remarks-by-president-biden-on-the-february-jobs-report/) he was “optimistic we’re going to get the — the CPI next week. [sent crypto markets skyrocketing](https://cointelegraph.com/news/us-bank-bloodbath-bitcoin-hits-23-7k-as-btc-price-analyst-call-svb-dip-bear-trap) [.](https://cointelegraph.com/news/us-bank-bloodbath-bitcoin-hits-23-7k-as-btc-price-analyst-call-svb-dip-bear-trap) [commented](https://twitter.com/MI_Algos/status/1635475694502260737) about moves on the BTC/USD pair on Binance. [banking crisis fully erupted](https://cointelegraph.com/news/silicon-valley-bank-collapse-everything-that-s-happened-until-now). [Fed starts ‘stealth QE’ — 5 things to know in Bitcoin this week](https://cointelegraph.com/news/fed-starts-stealth-qe-5-things-to-know-in-bitcoin-this-week) [told](https://twitter.com/CryptoMichNL/status/1635518856608333827) Twitter followers.

Top cryptocurrency bitcoin hit a nine-month high of $26533 on Tuesday, in its fourth consecutive day of gains, as it appeared to benefit from chaos in ...

The steadying of USDC, the second-biggest stablecoin and a key cog in digital token trading, was seen as positive for the crypto sector as a whole. consumer price data that showed inflation still rising, but at a slower pace than the previous month. The widely anticipated reading may lead the Federal Reserve to slow or even pause hiking interest rates next week. authorities announcing plans to limit the fallout from the collapse of Silicon Valley Bank (SVB). authorities' action helped stabilise the major USDC stablecoin, whose issuer Circle had deposits of $3.3 billion at SVB. Register for free to Reuters and know the full story

Bitcoin jumped on Tuesday to levels not seen since last summer, extending its Monday rally as investors weighed the latest inflation data.

This led some investors to speculate that the Fed [would be less aggressive in raising interest rates](https://www.cnbc.com/2023/03/13/dollar-slides-as-us-intervenes-on-svb-collapse.html). Its price is still largely driven by macro data and some analysts expect to see a bigger return to that correlation, even with idiosyncratic events driving much of the action in 2023. [Ether](/quotes/ETH.CM=/) added 2.62% to trade at $1,728.11. 12, during the rally that preceded the [Ethereum merge](https://www.cnbc.com/2022/08/20/the-ethereum-merge-will-lead-to-bigger-yields-and-win-new-investors-.html). So-called core CPI, which removes volatile food and energy prices, showed a monthly increase slightly above economists' expectations, and a year-over-year change in line with expectations. [Bitcoin](/quotes/BTC.CM=/) was last higher by 3.39% at $25,144, according to Coin Metrics.

The latest price moves in crypto markets in context for March 14, 2023.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [ Consensus 2023](https://consensus.coindesk.com/), CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. [suspended](https://www.coindesk.com/business/2023/03/13/coinbase-officially-suspends-binance-usd-stablecoin-trading/) trading for the binance USD (BUSD) stablecoin, according to a tweet on Monday. [strict set of editorial policies](/ethics/). [CFTC published a list of its members to the committee on Monday](https://www.cftc.gov/PressRoom/PressReleases/8674-23), announcing the committee had been newly constituted and is being sponsored by Commissioner Christy Goldsmith Romero, who took office last March. [Subscribe to get it in your inbox every day](https://www.coindesk.com/newsletters/first-mover/).

Bitcoin prices have roared back to levels not seen in about a month—a bullish sign for cryptos. Dreamstime. The rally in Bitcoin BTCUSD + ...

[hasn’t seen since the crypto crash accelerated last June](https://www.barrons.com/articles/bitcoin-ethereum-price-crypto-markets-today-b86262c4?mod=article_inline). Bitcoin rallied to a peak above $25,000 last month from around $16,500 at the start of January, but it stagnated in March and fell below the $20,000 level last week [amid worries over crypto banks and the regulatory picture](https://www.barrons.com/articles/bitcoin-crypto-markets-today-8f5a68aa?mod=article_inline). ](https://www.barrons.com/market-data/cryptocurrencies/btcusd?iso=coindesk)

The CPI rose less than 0.5% last month, according to new United States Department of Labor data.

regulators](https://cointelegraph.com/news/signature-bank-closed-by-new-york-banking-authorities): The broader cryptocurrency community offered a variety of takes on March 14. Bitcoin saw a surge in price alongside Ether ( [ETH](https://cointelegraph.com/ethereum-price)), according to data from CoinMarketCap. CPI measures the average change over time in consumer prices for a basket of goods and services. The energy index decreased by 0.6%, while natural gas and fuel oil indexes also declined in February. CPI reflects the spending patterns of consumers on items such as food, housing, transportation, clothing, medical care and recreation.

The February Consumer Price Index released today shows inflation at 6.0%, in line with expectations. The bitcoin rose above $25700.

Feb headline CPI in-line at 0.4% (m/m) & 6.0% (y/y), core a bit higher at 0.5% m/m vs 0.4% est. For Bitcoin and crypto, the CPI print couldn’t have been much better. Ultimately, the Fed may has no other choice than back-paddling on their interest rate hikes to avoid eroding confidence in the US banking system. It was reported today at 0.5% for February, with both the forecast for February and actual for January standing at 0.4%. For many market participants, this means that the Fed has once again turned on the money printer while the DXY is poised for further downside. At press time, BTC broke through the extremely important resistance at $25,200 and hit $26,278 on Binance at one point. government bonds and the new “Bank Term Funding Program” of the U.S. Due to the banking system’s intrinsic problem with the U.S. After the Bitcoin made a massive rally of over 20% in the wake of the banking crisis in the United States, all eyes were on the new inflation data in the US today. The February Consumer Price Index released today showed inflation at 6.0%, in line with expectations. The annual inflation rate was 6.4% in January and was estimated at 6.0% for February. On a monthly basis, the U.S.

Token has risen about 30% since Silicon Valley Bank failure · Core CPI increase adds to crypto inflation hedge narrative.