Bitcoin News: The global digital asset market registered a broad recovery on Monday as the United States Financial regulatory agencies came to the rescue Silicon Valley Bank led crisis. The digital asset market regained the $1 trillion mark as Bitcoin (BTC), the world’s largest crypto registered a surge of over 9% in the last 24 hours, unaffected by the spread of SVB contagion.
As per reports, Financial regulators are looking into the deepening crisis sparked by the collapse of Silicon Valley Bank. Sources suggest that regulators would step in to build a backstop for uninsured depositors for the SVB. This will require authorization from the Federal Deposit Insurance Act. However, the Fed could also take extraordinary action in order to curb the fear.
This can be termed a positive move by the financial institutions that can push confidence in the several regional banks and other institutions. However, the regulators can add up a new step in the process. As reported this could be a “general banking facility’ pushed by the Federal Reserve to support other institutions with direct exposure to the collapsed Silicon Valley Bank. Read More Bitcoin News Here…
The report highlights that this measure might be necessary if the Federal Deposit Insurance Corporation (FDIC) is unable to find out a buyer for the SVB.
HSBC Buys Out Troubled Silicon Valley Bank UK| Read More Here
Coingape reported that JPMorgan Chase & Co., PNC Financial Services, Morgan Stanley, and Apollo Management are in the huddle to acquire troubled SVB Financial Group. Meanwhile, the troubled Silicon Valley Bank has been left out of the offered acquisition deal.
Bitcoin price dropped heavily to trade around the $20.6 level on Sunday. As the Financial regulators came in to rescue, Bitcoin price surged by a massive 9% on Monday and helping it to regain the $22k price level. BTC is trading at an average price of $22,082, at the press time.
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