Bitcoin Bursts to $22,000 As Biden Administration Tries to Stop Contagion in U.S. Financial System

The price of Bitcoin (BTC) is soaring as the Biden Administration races to prevent the collapse of Silicon Valley Bank from triggering a mass exodus at regional banks across the U.S.

Highlights

• Bitcoin price has soared from a 24-hour low of $20,334 to a high of $22,111 – an 8.7% increase.
• The Biden Administration races to prevent the collapse of Silicon Valley Bank from triggering a mass exodus at regional banks across the U.S.
• The Treasury Department is conducting a series of emergency meetings to determine whether it should ensure all depositors at SVB will be made whole after the bank’s sudden collapse.
• Bitcoin is trading at $21,884 at time of publishing, up 7.6% in the last 24 hours.
• Bitcoin’s creator, Satoshi Nakamoto, explicitly created the original cryptocurrency as a response and alternative to the modern banking system.

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