Why did bitcoin's price jump up today? U.S. assists banks to stem SVB fallout

Bitcoin ( BTC-USD ) logged its biggest intraday climb since about one month ago, soaring as much as 16.4% in Monday afternoon trading, as traders praised U.S. authorities' actions to stem contagion effects from the collapse of Silicon Valley Bank. The world's largest token by market cap ( BTC-USD ) drove up 13.5% to $24.39K at 4:13 p.m. ET, buoyed by a sizable amount of short liquidations. The upswing helped pull up a raft of crypto-related stocks. Traders covered $172M worth of bitcoin positions during the session, according to data from Coinglass, marking the largest one-day short liquidation since Jan. 19. Federal regulators' announcement that "from today all depositors at Silicon Valley Bank ( SVB ) will have access to all their money reassures both traditional and crypto markets," said Bradley Duke, co-CEO at digital asset investment firm ETC Group. "Furthermore, it means that Circle, the issuer of the popular Stablecoin USDC ( USDC-USD ), which holds part of the USD backing the coin at SVB, is now out of the woods, which is a huge positive for the crypto world,” he added. Circle's USDC de-pegged from the U.S. dollar on Saturday after disclosing 8% of USDC reserves remain at SVB. On Saturday, bitcoin ( BTC-USD ) recovered to $20K after hitting a two-month low.