• Bitcoin (BTC) and Ethereum (ETH) surged to $22.5k and $1.6k respectively in the last 24 hours, as the crypto market cap spiked over 6%.
• The recent bank failures in the US economy, including Silvergate, Silicon Valley, and Signature banks have had an impact on the crypto market.
• The recovery of Circle’s USDC cash reserves and the stablecoin’s dollar peg triggered a crypto rally with Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB) trending cryptocurrencies of the day.

Crypto Market Rally

The global crypto market has experienced a surge in its market cap by 6% after a cascade of bank failures – Silvergate, Silicon Valley, and now Signature – in the US economy. This gloomy period was suppressed by a bullish rally exhibited by Bitcoin (BTC) and other altcoins.

Recovery Of Circle’s USDC

The recovery of Circle’s USDC cash reserves and its dollar peg were key factors that triggered this rally in the crypto market. Additionally, the refusal of SVIB’s bailout from the US federal government also contributed to this spike.

Bitcoin Price Surge

Bitcoin started this week with a satisfactory spike toward the $22,000 level after setting its 2-month-low at $19.6k in previous weeks. BTC recorded its maximum spike of over 9% from the previous day as per CoinMarketCap data from $20,586 to $22,630 in 24 hours frame. At present it is trading at 22135 with 24 hour price change at 7.8%.

Ethereum Price Rally

Similar to Bitcoin (BTC), Ethereum (ETH) registered its surprising rally to reach above $1,500 level along with Fed’s intervention in Bank failures & Binance converting BUSD to BTC & ETH being some reasons behind it recording highest 10% spike increase from past day as per CMC data ranging from 1474$ -1629$. At current it is trading at 1584$ with 24 hour price change at 7.58%.

Shiba Inu Performance

Shiba Inu (SHIB) was ranked top amongst trending cryptocurrencies list for quite some time due to Shibarium Beta – Puppynet launch but did not show any significant price surge afterwards according to CoinMarketCap data where SHIB recorded maximum 4% increase from previous day ranging from 0$.00001846$ – 0$.00001915$. As of now SHIB is trading at 0$.00001862$ with 24 hour price change at 1%.