Bitcoin hit a nine-month high on Tuesday, gaining more than 30% in four days, as global markets fended off chaos after the collapse of Silicon Valley banks last week and hopes that U.S. interest rates won’t rise so fast.
Bitcoin jumped 9.6% to $26,533, its fourth-highest daily gain since June 2022.
US authorities have boosted major cryptocurrencies in recent days by announcing plans to limit Silicon Valley Bank (SVB) from collapsing.
The move by US authorities helped stabilize the major USDC stablecoin, whose issuer Circle had $3.3 billion in deposits at SVB. The stability of USDC, the second-largest stablecoin and a key cog in digital token trading, was seen as positive for the crypto sector as a whole.
Bitcoin, the largest cryptocurrency, was hit by the collapse of SVB and Signature Bank over the weekend and Silvergate Bank earlier this month, all key banking partners of several crypto firms.
