“Is BTC turning bullish again?”
After dropping, cryptocurrencies Bitcoin (BTC) and USD Coin (USDC) recovered as the largest financial regulator of the United States (US) government issued a statement to protect depositors at Silicon Valley Bank (SVB).
They will also protect depositors who are not fully covered by standard federal deposit insurance.
The Federal Reserve (Fed), the Department of the Treasury and the Federal Deposit Insurance Corporation (FDIC) announced that every depositor can access their money today, which is March 13, 2023.
However, shareholders and some unsecured debt holders will not be protected at all.
The action seeks to ensure that the US banking system continues to perform its important role of protecting deposits and providing access to credit for households and businesses through methods that can increase economic growth.
It is well known that many business leaders such as Bill Ackman, Mark Cuban and the Circle company which is the USDC stablecoin issuer have called on the government to contain the contagion from the SVB failure.
According to Jeremy Allaire, Circle's Chief Executive Officer (CEO) confirmed all USDC reserves worth $3.3 billion are now safe and liquidity operations for USDC will resume at the opening of banking tomorrow morning.
As of this writing, the price of BTC managed to jump by 9.34% at $22,327 in the last 24 hours while USDC gained 1.50% to reach $0.99.
