• Bitcoin (BTC) and Ethereum (ETH) surged 8% and 10% respectively in the last 24 hours. This rally is due to the federal government’s intervention in the bank failures, Binance converting BUSD to BTC and ETH, and the recovery of Circle’s USDC cash reserves.
• Shiba Inu (SHIB) has been a top trending cryptocurrency since its Puppynet launch on Sunday, however it hasn’t seen much price surge after that.
• The global crypto market cap spiked over 6% in a day due to the bullish rally exhibited by Bitcoin and other altcoins.
Crypto Market Cap Spikes
The global crypto market cap spiked over 6% in a day due to the bullish rally exhibited by Bitcoin and other altcoins. Significantly, this was triggered by the recovery of Circle’s USDC cash reserves which had de-pegged previously as well as the stablecoin’s dollar peg being restored. Additionally, the US federal government’s refusal of SVIB’s bailout and initiation of fund recovery also played a key role in this rise.
Bitcoin & Ethereum Rally
Bitcoin (BTC) surged 8% to hover above $22K after setting its 2-month-low at $19.6k in the past week while Ethereum (ETH) jumped 10%, trading at $1.6k at present with a 24h price change of 7.58%. Both these cryptocurrencies recorded their maximum spike from previous day prices in specific 24 hour frames – from $20,586 to $22,630 for BTC and from $1,474 to $1,629 for ETH – as per CoinMarketCap data.
Shiba Inu Price Surge
Despite its Puppynet launch on Sunday leading Shiba Inu (SHIB), it hasn’t seen much price surge afterwards yet with no notable increase being registered by CoinMarketCap data showing SHIB trading at around 0.000024 USDT with a 24 hour change of -0.31%.
Reason For Crypto Surge
The sudden de-pegging of Circle-issued USDC was an aftermath of Silicon Valley Bank fall which had caused significant declines in the crypto market earlier but eventually led to this rally when its cash reserves were restored along with stablecoin’s dollar peg being recovered as well due to US federal government’s involvement in bank failures alongside Binance converting BUSD into BTC & ETH thus leading all these cryptos up high again
Conclusion
In conclusion, despite gloomy economic conditions due to multiple bank failures recently like Silvergate & Silicon Valley Bank falls followed by Signature Bank collapse too, Bitcoin surged 8% while Ethereum jumped 10%, both reaching record highs above 20K & 1K respectively – all thanks to timely interventions done by US federal government alongside Binance converting BUSD into BTC & ETH that led all these cryptos back up high again accompanied Shiba Inu (SHIB) still remaining top trending cryptocurrency yet not seeing much price surge after its Puppynet launch on Sunday