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. banking system remains on stable ground.
- According to Decrypt, Bitcoin was trading for $24,428, a near 20% increase in the past day and 6% jump in the past hour, according to CoinGecko. 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.
- 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.