Bitcoin is back above $22,000 as the US Treasury moved to avert a regional banking crisis following the collapse of Silicon Valley Bank. The government confirmed that it would back depositors’ funds and give them full access to capital. Ethereum also rose on the news.
Bitcoin (BTC) rose above $22,000 again on Monday after the U.S. Treasury confirmed it would back depositors’ funds.
This is the second and third largest bank failures in U.S. history for both Silicon Valley Bank and Signature Bank.
Following the day’s low of $20,475.60,BTC/USD surged to an intraday high of $22,728.52 to end the week.
This rally occurred as Bitcoin again surpassed the $20,000 floor on Saturday and surged to a 10-day high on Monday.
The move was triggered by the 14-day Relative Strength Index (RSI) rising above the 44.00 ceiling.
As of this writing, the index is hovering at 47.89, which is its strongest point since March 2.
Ethereum (ETH) also returned to the green earlier in the week as traders moved to buy the recent price drop.
ETH/USD fell to a low of $1,468.74 before rising to an intraday peak of $1,629.37 within 24 hours.
Like Bitcoin, the move sent the world’s second-largest cryptocurrency to new highs over the past 10 days.
Overall, Ethereum is trading 1.22% higher than at the same point last week as bulls appear to have re-entered the market.
This has resulted in a slight change in momentum, with the 10-day (red) moving average now trending higher.
If this momentum continues,is likely; ETHcould reverse back to $1,675 resistance.
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