Crypto Market Surges Despite Banking Crisis: $1 Trillion Value Reached!

• The cryptocurrency market has experienced a significant rally after hitting lows on Friday, leading to many liquidations.
• Bitcoin (BTC) and Ethereum (ETH), along with many other cryptocurrency tokens, rose by over 9% and 5%, respectively.
• Despite fears of a wider financial crisis caused by the collapse of Silicon Valley Bank, the crypto market has bounced back, highlighting its potential for significant growth and development outside the traditional banking system.

Crypto Market Rally

The cryptocurrency market has experienced a significant rally after hitting lows on Friday resulting in many liquidations. On Monday 13th March, Bitcoin (BTC) and Ethereum (ETH), along with many other cryptocurrency tokens, rose by over 9% and 5%, respectively.

Silicon Valley Bank Collapse

Friday saw many cryptocurrency companies revealing their exposure to the failed Silicon Valley bank, causing the market to panic briefly. However, the cumulative value of cryptocurrencies has since increased by almost 15% from Friday’s close, hovering above the $1 trillion level at the time of writing.

Liquidation Rates

Within 24 hours, the crypto market has seen $61.77 million in long trades and $305.44 million in short trade liquidations. Exchange liquidations have also been significant totaling $130 million in the last four hours causing substantial liquidation rates such as 418 BTC and nearly 4500 ETH of liquidation worth approximately $10.8 million and $7.8 million respectively.

Crypto Independence

The recent rally in cryptocurrency amidst traditional banking crisis has highlighted its potential to operate independently from traditional financial institutions despite fears of a wider financial crisis caused by Silicon Valley Bank collapse .

Conclusion

The sudden surge in crypto markets has caught investors off guard showing its resilience towards traditional banks and its potential for further growth outside this system .