Despite the announcement of the closure of Signature Bank, the last major crypto bank in the U.S., on Sunday by regulators, cryptocurrencies surged on Monday. Bitcoin rose over 15%, reaching $24,382.98, and is now about 19% higher than its Friday levels. The jump in risk assets came after U.S. regulators announced plans to backstop all depositors in failed Silicon Valley Bank and make additional funding available for other banks. Investors were also betting that the Fed would be less aggressive in raising interest rates now that authorities have stepped in to limit the fallout from SVB and Signature. Even though the Dow Jones Industrial Average and S&P 500 turned lower and ended the day in the red, crypto prices rose on Monday in the face of Signature Bank's closure. The end of Signature Bank leaves crypto with few "on-ramps" that allow fiat money to flow into crypto assets.
Despite the shutdown of Signature Bank, which was known for its crypto-friendly policies, cryptocurrencies are rallying and bitcoin has surpassed the $24,000 mark
Despite the announcement of the closure of Signature Bank, the last major crypto bank in the U.S., on Sunday by regulators, cryptocurrencies surged on Monday. B
