A sigh of relief is seen as the cryptocurrency market has regained its value above 1 trillion dollars. As per the statement given by the U.S. Treasury, FDIC, and Federal Reserve, the investors and partners associated with Signature Bank and Silicon Valley Bank would receive their money on 13th March.
The news of Silicon Valley Bank being seized by the regulators shattered the hopes of the crypto market investors, especially in the tech and start-up industry; however, the crypto market has turned green again.
Yesterday night, the value of Ethereum showed $1,596, and Bitcoin was at $22,300, which showed a nearly 8% high in the duration of 24 hours. Moreover, the top thirty coins, like Polygon, Avalanche, Solana, Litecoin, Filecoin, and Cardano, rose above 10%. In contrast to the crypto market, the traditional financial market was seen as doubtful of the dip in the U.S. dollar early Monday.
However, USDC has recovered its dollar peg, getting back to a price of 99.3 cents on various price indices after witnessing a drop of 87 cents on Friday. Surely, this plummet has created distrust in USDC and other stablecoins such as USDP and USDD.
The back-to-back news regarding the collapse of popular banks like Silvergate and Silicon Valley Bank within a week created havoc among people associated with the financial market. Moreover, yesterday, N.Y. financial regulators seized Signature Bank, citing system risk.
Currently, the announcement made by three regulators has paused the fear created in stocks and the crypto market.
