"Will BTC break through $25K again to reach the 30K target?"
The price of the mother of all cryptocurrencies Bitcoin (BTC) managed to see a rise of 8.58% to reach $24,343 after the President of the United States (US) Joe Biden assured that the country's banking system is 'safe' in the wake of the panic-inducing Silicon Valley Bank (SVB) crisis .
US citizens should have high confidence in the local banking system, Biden commented in his speech assuring customer deposits will remain available, where small businesses are able to pay their workers.
Biden also touched on the SVB crisis by underlining that no loss will be borne by taxpayers as the money will be available through fees distributed by banks into the Deposit Insurance Fund.
However, SVB investors will lose their funds because they are taking the risk themselves and that is how capitalism works.
As the price of BTC continues to rise, crypto whales have moved 6,000 BTC in two transactions from an unknown wallet to crypto exchange company Binance.
For the record, there was a transfer of around 999 BTC followed by a transfer of 4,999 BTC from a different wallet address.
Although it is still uncertain if it has anything to do with the whales' transfer, the price of BTC was found to be showing early signs of a price correction after 11,125 of those digital assets were transferred to Binance.
As of this writing, the price of Ethereum (ETH) has risen by around 3.96% at $1,679 in the last 24 hours while Binance Coin (BNB) has gained 5.57% at $308 but Ripple (XRP) has seen a decrease of 0.65% hovering at $0.37.
