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Bitcoin spikes amid Silicon Valley Bank collapse
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Bitcoin spiked 10% in early morning trading on Monday as the cryptocurrency market in general expanded amid the downfall of Silicon Valley Bank.
Bitcoin reached $22,560.20 at roughly 3 a.m. on Monday, reaching its highest level in 10 days. Ether also saw a spike of roughly 10%. The crypto market overall topped $1 trillion thanks to a boost of roughly $70 billion, according to CNBC.
The crypto boost comes amid the largest bank collapse since the 2008 financial crisis, with President Biden's administration stepping in to guarantee funds for SVB depositors.
The Biden administration took over SVB on Friday following a devastating bank run that collapsed the company.
SILICON VALLEY BANK GAVE COMPANY-WIDE BONUSES HORS BEFORE COLLAPSE: REPORT