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Mar 22, 2023 14:40
The cryptocurrency market has recovered its position and again exceeds $1 trillion
Last week, the cryptocurrency market significantly increased. The positive dynamics resulted from the fact that regulators decided to support collapsed U.S. banks, primarily Silicon Valley Bank (SVB).
The bulk of the extra funding was to support customers of troubled banks. Already by Wednesday, Circle, which is one of SVB's largest depositors, said that the company's $3.3 billion in assets were available again and that its stablecoin had regained its peg to the dollar.
The measures taken by regulators to support the financial sector have also had a significant positive impact on the crypto market. Bitcoin, in particular, rose more than 30%, breaking through the ceiling to $28,000, while Ethereum added 28% to the value of $1,815. Overall, there was a 3.5% to 20% increase in the value of other key crypto-assets as well.
The recovery in the value of digital currencies allowed the crypto market to exceed $1 trillion again, which certainly contributed to the reduction of negative investor sentiment. Market participants were also encouraged by the statements of Robert Kiyosaki, one of the largest American entrepreneurs. At the beginning of last week, he again urged to actively invest in Bitcoin to avoid problems associated with fiat currencies.
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