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Bitcoin
BTCUSD,
was up 6.34% in the past 24 hours climbing to $26,438, its highest since June 2022, according to CoinDesk data on Friday morning. The crypto is still significantly lower than its peak in November 2021 when its value exceeded $65,000.
Other cryptocurrencies are also performing well, with Ether
ETHE,
up 4.50% at $1,736, accoring to CoinDesk data on Friday. Binance Coin (BNB) is up 7.46% in the past 24 hours to $334.
The price jump in Ether and Bitcoin came right after the announcement that Silicon Valley Bank is commencing Chapter 11 bankruptcy after being taken over by the U.S. Federal Deposit Insurance Corporation last week. The company believes it has around $2.2 billion of liquidity. Last weekend Silicon Valley Bank, which was the 16th largest bank in the U.S., and crypto-adjacent Signature Bank were shut down by regulators.
As a result, some investors worried about the lack of access to banks that crypto companies now face in the U.S.
Earlier this week, Bitcoin fell below $25,000 after briefly rallying on Tuesday and seeing its best three-day performance since October 2019 following the news of the collapse.
Bitcoin, which was formed in 2009, has long been viewed as a risky bet but its supporters have touted it as an alternative to traditional financial institutions, including banks. That view seems to have bolstered its recent outperformance, as stocks have come under pressure after three U.S. regional banks collapsed.
The Dow Jones Industrial Average DJIA
DJIA,
is down 0.71% as of Friday morning, the S&P 500
SPX,
is down 0.38%. Nasdaq
COMP,
Composite is up 0.17%, according to FactSet data.
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