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Mar 18, 1:22 pm
Decrypt
Bitcoin Up 36%, Ethereum Up 27% in Past Week After Banking Crisis Rescue by Feds
This week saw a resurgence in the prices of the two largest cryptocurrencies by market cap after three consecutive weeks of losses. The Federal Reserve, U.S. Treasury, and FDIC stepped in to backstop all deposits at Signature and Silicon Valley Bank, while the HM Treasury in the U.K. brokered a bailout deal with HSBC. This, combined with signs of a banking crisis in Europe, drew investors into risk-on assets like crypto and tech stocks.
This week saw a resurgence in the prices of the two largest cryptocurrencies by market cap after three consecutive weeks of losses. The Federal Reserve, U.S. Treasury, and FDIC stepped in to backstop all deposits at Signature and Silicon Valley Bank, while the HM Treasury in the U.K. brokered a bailout deal with HSBC. This, combined with signs of a banking crisis in Europe, drew investors into risk-on assets like crypto and tech stocks.
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