•Crypto-friendly banks Silvergate, Silicon Valley and Signature have all recently gone into failure.
•The US federal government’s refusal of SVIB’s bailout and initiation of fund recovery has caused a bullish rally in the crypto market.
•Bitcoin (BTC) surged 8% to hover above $22k and Ethereum (ETH) jumped 10% to a range above $1,500. Shiba Inu (SHIB) also ranked top on the trending cryptocurrencies list.
Crypto Market Rally
The global crypto market cap spiked over 6% in a day due to a surge in Bitcoin and other altcoins prices following bank failures such as Silvergate, Silicon Valley, and now Signature in the US economy. The rejections of SVIB’s bailout by the US federal government triggered the crypto market to spike in the last 24 hours.
Bitcoin Price Surge
Bitcoin (BTC) started this week with a satisfactory spike toward the $22,000 level after setting its 2-month-low at $19.6k in the past week. BTC exhibited its maximum spike of over 9%, from $20,586 to $22,630 as per CoinMarketCap within 24 hours. At the time of writing BTC traded at $22,135 with a 24 hour price change of over 7.8%.
Ethereum Price Increase
Similar to Bitcoin, Ethereum (ETH) also registered its surprising rally to a range above $1,500 due to Binance converting BUSD to BTC and ETH alongside Fed’s intervention in banking failures. ETH recorded its maximum spike of over 10% from the previous day as per CoinMarketCap; surging from $1,474 to $1,629 within 24 hours. At present ETH traded at around $1,584 with a 24 hour price change of 7.58%.
Shiba Inu Ranking Top on Trending Cryptocurrencies List
The launch of Shibarium Beta – Puppynet – on Sunday gave Shiba Inu (SHIB) an edge over others by ranking top on trending cryptocurrencies list for some time; however SHIB did not exhibit significant price surge after launch. SHIB recorded its maximum peak within 24 hours – from 0.00002341 USDT/SHIB on Monday 28th June 2021to 0.00003286 USDT/SHIB on Tuesday 29th June 2021as per coinmarketcap data
This week has been full of surprises owing to multiple banking failures leading up towards an overall bullish rally showcased by Bitcoin and other altcoins; while Ethereum (ETH), Shiba Inu(SHIB), etc also witnessed their own respective spurges amidst these events indicating an optimistic future ahead for crypto investments