Bitcoin Surges as Bank Client Rescue Eases Contagion Fears, Fuels Hopes for Fed Dovishness; Binance's $1B Conversion Helps, Too

Bitcoin surged above $24,000 for the first time in over two weeks as investors exhaled after U.S. regulators stepped in to back deposits at Silicon Valley Bank (SIVB) and Signature Bank

The largest cryptocurrency by market capitalization traded as high as $24,574 Monday midday, according to CoinDesk data – before recently retreating slightly above the $24,200 mark, still up over 10% over the past 24 hours.

Binance said it would convert $1 billion worth of Binance USD (BUSD) to bitcoin (BTC), ether (ETH), BNB coin (BNB) and other tokens to support the market. The move likely contributed to buying pressure, as CoinDesk reported.

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