Bitcoin, USDC stablecoin rally after US intervenes on SVB

Kitco Media
By Reuters
Published:
Updated:
Reuters
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.


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)

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