CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » BTC, USDC Soar After Government Promises to Rescue All Silicon Valley Bank Depositors

BTC, USDC Soar After Government Promises to Rescue All Silicon Valley Bank Depositors

Author: Andrew Throuvalas

Last Updated Mar 13, 2023 @ 09:26

Silicon Valley Bank depositors are being bailed out by the government to ensure the stability of the banking system. 

Getting your audio player ready...

The U.S. government’s biggest financial regulators released a joint statement on Sunday promising to save every last depositor at Silicon Valley Bank (SVB) – even those not fully covered by standard federal deposit insurance. 

In response to the news, both Bitcoin and USDC are quickly returning to their price levels from before the bank’s collapse. 

  • The Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation jointly announced that every depositor would be able to access their money by Monday, March 13. Taxpayers will shoulder expenses as part of the resolution. 
  • Conversely, shareholders and “certain unsecured debtholders” will not be protected. Senior management has also been removed from their roles. 
  • “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” read the statement. 

  • A wide array of business leaders called on the government over the weekend to stem contagion from SVB’s failure, ranging from Bill Ackman to Mark Cuban. Stablecoin issuer Circle – which had $3.3 billion of its USDC reserves within the firm – called for similar action.
  • Jeremy Allaire, CEO of Circle, has confirmed that all USDC reserves are now secure and that SVB’s former reserves will now be transferred to BNY Melon. “Liquidity operations for USDC will resume at banking open tomorrow morning,” he added. 
  • USDC now trades for $0.9943, almost back to its intended $1 peg price, after losing the peg on Friday when Circle revealed its exposure to SVB. 
  • Bitcoin also pumped in light of the news, now back above $22,000 for the first time since Thursday.
Bitcoin / USD. Source: TradingView
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: Banks Bitcoin Bitcoin (BTC) Price Circle
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Andrew Throuvalas
More posts by this author

Andrew is a content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
Contact: Medium | LinkedIn | Twitter

Join Our Community

FacebookX YouTubeTelegram


Editorials
10 Best Meme Coins to Watch in June 2025

10 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

The 5 Best Bitcoin Mining Pools in 2025: Complete Guide

The 5 Best Bitcoin Mining Pools in 2025: Complete Guide

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!