SVB and Silvergate bailout sees Bitcoin rally
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The US government announced yesterday it would ensure depositors will have access to their money at Silicon Valley Bank following a bank run last week that led to its closure on Friday.
“No losses associated with the resolution of Silicon Valley Bank (SVB) will be borne by the taxpayer,” read a joint statement by Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC).
The same applies for depositors at Signature Bank, which was closed by state regulators yesterday.
“Today we are taking decisive actions to protect the US economy by strengthening public confidence in our banking system,” the statement added.
On the back of that narrative, Bitcoin is up 9.4% in the last 24 hours, trading for $22,408 this morning, recovering all its losses and then some of the past week.
Ethereum, up by nine per cent, is following closely on its heels, and changing hands for $1,599. Most other cryptocurrencies are also flashing green today. The latest rally follows last Friday’s sudden drawdown in the markets as news of the crypto-friendly banks’ troubles filtered through.
Analysts say the turnaround in the last 24 hours is likely linked to the announcement by the US government to bail out depositors at SVB and Silvergate.
Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.011 billion.
What Bitcoin did yesterday
We closed yesterday, March 12, at a price of $22,163. The daily high yesterday was $22,185, and the daily low was $20,448.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $426.289 billion. To put it into context, the market cap of gold is $12.508 trillion and Tesla is $548.78 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $37,743 billion. High volumes can indicate that a significant price movement has stronger support.
The price volatility of Bitcoin over the last 30 days is 49.17%.
Fear and Greed Index
Market sentiment today is 49, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.75. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.04. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your fam: Soundbite of the day
Goldman Sachs’ analysts on Sunday said they no longer expect the U.S. Federal Reserve to deliver a rate hike at its March 22 meeting with considerable uncertainty about the path beyond March, in light of the recent stress in the banking sector.
What they said yesterday
14 years of BTC price movements…
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It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.