Bitcoin (BTC) Reclaims $21,000 Amid SVB Chaos

, the world's largest cryptocurrency, spiked to an intraday high of $21,605 on the Bitstamp exchange amid reports that U.S. officials appear to be ready to protect all deposits at Silicon Valley Bank.

The sudden collapse of the go-to bank for U.S. startups has led to panic in the technology industry, with finger-pointing among executives and investors. Crypto executives argued that centralized banking was to blame, but as a major crypto company revealed that it had billions of dollars trapped in Silicon Valley Bank, the tone shifted.The USD Coin, a stablecoin, which is supposed to trade at $1, dropped to 87 cents after the cryptocurrency company Circle Internet Financial said that it had $3.

It remains to be seen how Bitcoin will perform on Monday, which is expected to be a tumultuous day for the U.S. stock market amid the SVB drama.

thewallstbulloz Just twitching

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