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Bitcoin price is up today as the initial shock of the SVB crisis subsides and a BTC price recovery above $20,000 is underway. How could BTC/USD behave now?
Bitcoin is up on March 11 as cryptocurrency markets stabilize following panic over a potential banking crisis. Data from Cointelegraph Markets Pro and TradingView shows BTC/USD climbing past $20,300 at the time of writing, the pair up 2% from the day‘s lows.
Bulls are attempting to preserve some significant trend lines as weekend trading offers a chance for increased volatility.
Crypto markets digest SVB crisis
After sending an eerily similar signal to Silvergate bank, Silicon Valley Bank (SVB) and its parent company SVB Financial managed to spark significant panic across crypto markets. As liquidity concerns piled up, Bitcoin led crypto in sliding to multi-month lows. Contagion from SVB, the United States’ 16th largest commerical lender, to other banks at home and abroad added to the pressure.
A day later, however, and the dust appears to be already settling. The initial shock of another bank failure has given way to a more sobering realization: crypto is still in its infancy, and banks are still figuring out how to interact with it. For better or worse, this latest development is just another sign of the growing pains of this new industry.