CIFR - Bitcoin crosses $23K on improved risk appetite as regulators move to contain SVB crisis

2023-03-13 11:01:31 ET

Bitcoin ( BTC-USD ) is trading comfortably above $23K as risk appetite improved following U.S. regulators' swift actions to contain the impact of the Silicon Valley Bank ( SIVB ) collapse.

Authorities secured depositors' funds at the failed lender and created of a lending facility for banks a day earlier, calming market jitters of a wider contagion in the banking sector.

Bitcoin ( BTC-USD ) rose to $23.67K in morning trade (U.S. hours), its highest level in 10 days. The top crypto climbed 14.8% to $23.62K as of 11 am ET, while ether ( ETH-USD ) was up 12.4% at $1.65K.

"Three banks that were the easiest for cryptocurrency businesses to get fiat banking in the U.S. - Silvergate ( SI ), Signature ( SBNY ), and Silicon Valley Bank ( SIVB ) - closed," said Marcus Sotiriou, market analyst at crypto broker GlobalBlock ( BLOK:CA ).

"This could have significant implications for crypto regulations and banks' ability to integrate digital asset trading or custody. This is due to the narrative of crypto causing the problem, which certain politicians are trying to portray," he cautioned.

Crypto mining stocks also rose: Cipher Mining ( CIFR ) +28% , Hut 8 Mining ( HUT ) +21% , Bit Digital ( BTBT ) +14.5% , Marathon Digital ( MARA ) +13.9% , Riot Platforms ( RIOT ) +12.1% , BIT Mining ( BTCM ) +10.6% , CleanSpark ( CLSK ) +8.9% .

Earlier, bitcoin ( BTC-USD ) retook $20K on Saturday .

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