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Bitcoin has recovered after being aided by the Federal Reserve in the US banking crisis.



Bitcoin’s price experienced a strong rebound yesterday in the midst of a market crisis caused by the collapse of three US banks.

As of 6am this Monday, the price of the most popular cryptocurrency was trading in the $22,000 range before surpassing $24,000 in the next two hours. At 5:40 pm, cryptocurrency was $24,129.

The Coingecko portal, which tracks nearly 13,000 cryptocurrencies, reports that Bitcoin’s price has recovered 9.4% in the last 24 hours.

Last week, the cryptocurrency market collapsed after a small US bank, Silvergate Bank, announced its liquidation. The La Jolla, California-based institution has become a destination for the crypto community and began to decline after the FTX platform debacle.

The turmoil in America’s banking system continued, with two more banks shutting down. The final bank is Silicon Valley Bank (SVB), which announced bankruptcy on Sunday. Soon, the Federal Reserve (Fed), the central bank of the United States, announced an intervention to ensure Americans’ savings, “calming” the market.

The Federal Reserve bailout has also put cryptocurrency enthusiasts at ease. Meanwhile, Tether fell 0.4% to his $1.

Source: Diario.Elmundo

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