Bitcoin Jumps the Most in Almost a Month After US Supports Banking Sector

The largest cryptocurrency gained as much as 5.3% to $21,582, the biggest increase since Feb. 15, after US agencies pledged to fully protect all depositors’ money following the collapse of Silicon Valley Bank

Signature Bank was closed by New York state financial regulators, while saying depositors will have access to their money.

Bitcoin had posted its worst week since November as an equity selloff, jitters in the banking sector and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment.

The news caused Circle’s token, USD Coin, to slip below its intended 1-for-1 peg with the dollar, sending a shock through the market. It was trading at around 99 cents.

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