Bitcoin extended its gains in Asian trading on Tuesday, following a recovery yesterday, as US regulators took emergency measures to support the US financial sector following the failure of two of the country's largest banks.
Bitcoin reached $24,303, an increase of 8.5% since the beginning of the banking crisis.
The activity of American regulatory authorities contributed to the restoration of parity with the USDC stablecoin. Most of the top ten cryptocurrency assets are growing. However, rumors persist that problems in the banking sector will force the Federal Reserve to postpone plans to raise interest rates.
According to Yahoo, the world's largest cryptocurrency has risen 8.5% in the last seven days, recovering from the drop caused by the collapse of Silvergate crypto bank earlier this month, which sparked panic in the cryptocurrency market.
Ether is up 3.08% to $1,673 and has gained 6.84% in the last seven days.
Binance BNB, the native token of the crypto exchange Binance, increased 5.09% to $308.94, propelling it to second place in the top ten by market cap. Binance CEO Changpeng Zhao announced on Monday that the company's $1 billion Industry Recovery Initiative funds will be converted from BUSD to BNB, Bitcoin, and Ethereum cryptocurrencies, thereby supporting the crypto market.
The USDC (USD Coin) stablecoin has recovered to $0.9987 after briefly losing its peg to the US dollar over the weekend. Following the closure of Silicon Valley Bank, Circle, the USDC issuer, announced a new partnership with New Jersey-based Cross River Bank on Monday.
Over the last day, the total capitalization of cryptocurrencies increased by 4.61% to 1.08 trillion dollars. Over the last 24 hours, total trading volume has increased by 35.57% to $93.65 billion.