The moves came as authorities took possession of New
York-based Signature Bank , the second bank failure in a
matter of days.
Stablecoin USD Coin (USDC) , which had lost its
1:1 dollar peg and hit an all-time low on Saturday on concerns
over the exposures of Circle, the firm behind USDC, to Silicon
Valley Bank, recovered. It was at $0.9917, closer to par and up
from last week's lows around $0.88.
Circle CEO Jeremy Allaire said in a tweet on Monday all of
USDC's reserves are safe and will be transferred from SVB to BNY
Mellon.
Bitcoin was up about 7% at $22,183, compared to Sunday's low
of $20,456.
(Editing by Kim Coghill)
SINGAPORE, March 13 (Reuters) - Bitcoin and
other cryptocurrencies rallied on Monday after U.S. authorities
announced plans to limit the fallout from the collapse of
Silicon Valley Bank (SVB).
The U.S. Treasury and Federal Reserve announced a range of
measures to stabilise the banking system and said depositors at
SVB would have access to their deposits on Monday.
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