Bitcoin’s back in the game, hitting $26,089 in early morning trading on March 17, 2023—just a whisker shy of its yearly peak. After a wild ride sparked by the collapse of two crypto-friendly banks, Silicon Valley Bank (SVB) and Silvergate Bank, BTC’s up 5.7% in the last 24 hours, shrugging off the gloom with a market cap boost of over 5%. It’s a sharp turnaround from last week’s dip below $24,000, when the banking mess sent crypto markets reeling.
The SVB saga’s turned into a surprising win for Bitcoin. With investors spooked by the banks’ implosion—SVB shuttered by regulators on March 10 and Silvergate winding down days earlier—some are eyeing BTC as a safer bet. Mike Novogratz, crypto bigwig, echoed that vibe on CNBC, betting Bitcoin’s poised for a rally as folks ditch shaky banks for the digital gold rush. BTC’s dominance is flexing too, reclaiming its June 2022 high of around 47% on March 16, while other coins took a beating amid the fallout.
The banking busts hit hard. SVB, a tech and crypto darling, and Silvergate, a go-to for digital asset firms, crumbled under cash crunches and regulatory heat, yanking the rug out from under crypto liquidity. That sent Bitcoin tumbling last week, but the rebound’s been swift.Observers chalk it up to the market’s grit—and a growing institutional crush on BTC that’s been simmering for months.
After the feds stepped in on March 12 to backstop SVB and Signature Bank depositors (another crypto lender that bit the dust), confidence got a jolt, and Bitcoin’s riding the wave.
