Bitcoin rallied after the US government said it would protect customer funds, while banking giant HSBC agreed to buy SVB’s UK operations.
Bitcoin price experienced a flash bounce at the start of the week, rising nearly 10 percent in the space of a few hours after fears about a potential banking crisis subsided.
The world’s leading cryptocurrency briefly fell below $20,000 on Friday, its lowest level since the start of the year, following the collapse of crypto-supporting Silvergate Bank, and fears over Silicon Valley Bank appeared to spook investors.
