• Bitcoin (BTC) moved back above $22,000 as the U.S. Treasury intervened to avert a regional banking crisis, following the collapse of Silicon Valley Bank.
• Ethereum (ETH) also rose sharply on the news, climbing to an intraday peak of $1,629.37 after falling to a low at $1,468.74.
• Stablecoin trading dominated Monday’s crypto market, with Tether and BUSD selling at premiums.
Bitcoin Above $22K After U.S Treasury Intervention
Bitcoin moved back above $22,000, as the U.S. Treasury moved to avert a regional banking crisis, following the collapse of Silicon Valley Bank. The government confirmed that it will backstop depositors‘ funds, giving full access to their capital. Ethereum also moved higher on the news.
Bitcoin Price Rally
Bitcoin (BTC) rose back above $22,000 on Monday as the U.S Treasury confirmed it will backstop depositors‘ funds for both Silicon Valley Bank and Signature Bank which became two of biggest banking failures in US history . BTC/USD surged to an intraday high of $22,728.52 following its low of 20,475 on Sunday and breaking through its 14-day relative strength index floor at 44.
Ethereum Price Movement
Ethereum (ETH) was also up in price starting off this week with traders buying into recent dip in prices resulting in ETH/USD peaking at 1,629 earlier today after dropping to 1,468 yesterday showing that bulls were reentering market.
10 Day Moving Average Trend Upwards
This move has resulted in a slight shift in momentum with 10 day moving average now trending upwards giving chance for ETH heading towards resistance level at 1 675.
Stablecoin Trading Dominating Crypto Markets
Stablecoin trading dominated Monday’s crypto market with Tether and BUSD selling at premiums confirming sentiment from traders that these coins are seen as more stable than other cryptocurrencies available to trade providing security during volatile markets conditions