• Bitcoin (BTC) and Ethereum (ETH) saw a surge in the last 24 hours, with BTC reaching $22.5k and ETH reaching $1.6k.
• The macroeconomy witnessed a cascade of bank failures – Silvergate, Silicon Valley, and now Signature – in the US economy which impacted the crypto market.
• Shiba Inu (SHIB) established itself as one of the top trending cryptocurrencies following its Beta launch on Sunday.
Bitcoin & Ethereum Rally
Bitcoin surged to $22.5k and Ethereum jumped to $1.6k in the last 24 hours, with BTC recording a maximum spike of over 9% and ETH recording a maximum spike of over 10%. This rally was triggered by the recovery of Circle’s USDC cash reserves and the stablecoin’s dollar peg following the collapses of crypto-friendly banks such as Silvergate, Silicon Valley, and Signature in the US economy. Additionally, Binance converting BUSD to BTC and ETH also contributed to this surge in prices.
Shiba Inu Prices
Shiba Inu (SHIB) recorded its impressive price rally immediately after its Beta launch on Sunday; however, it did not exhibit a notable price surge subsequently after this launch. SHIB traded at around $0.000008 at press time with a 24 hour price change of 4%.
US Federal Government Intervention
The US federal government had refused bailout for SVIB (Silicon Valley Bank) instead initiated fund recovery which played an important role in triggering this crypto market spike in the last 24 hours.
Implications
The recent crypto market rally has been an encouraging sign that despite all odds, cryptocurrencies are still attractive assets for investors looking for good returns even during times of economic downturns such as these bank collapses. Furthermore, it is likely that other altcoins will join Bitcoin & Ethereum’s surge soon if this bullish trend continues for some time more.
Conclusion
In conclusion, Bitcoin & Ethereum’s rise combined with Shiba Inu’s popularity indicate that cryptocurrencies remain strong investments despite some economic turbulence caused by US banking collapses recently