Bitcoin Price Soars As US Bank Stocks Halt, Will BTC Break $25k?

Bitcoin Price News: Trading in several bank stocks were on Monday halted due to increased volatility in pre-market hours. This is leading to a renewed bullish momentum in the crypto market. The move came after these stocks saw massive selloff over contagion effect from the collapse of Silicon Valley Bank. Shares of the First Republic Bank fell around 66% even as efforts are on to restore liquidity in the bank. Same was the case with the shares of banks like PacWest Bancorp and Zions Bancorporation, before trading was halted by exchanges. Meanwhile, the Bitcoin price continues to rise in reaction to the turmoil in the US financial sector.

Also Read: Ripple Funds Stuck In Collapsed Silicon Valley Bank? Garlinghouse Replies

Earlier, CoinGape reported that HSBC Holdings had acquired the British subsidiary of Silicon Valley Bank. The move was facilitated by the assistance of the UK government and the Bank of England.

US Bank Stocks Continue To Face The Heat

The KBW Nasdaq Bank Index, which helps track performance of the leading US banks, fell sharply on Monday. The Index is down by around 13% on the day, while it lost a value of 25% compared to five days ago. The same was felt in the European markets as the EURO STOXX Banks Index fell nearly 7%.

Also Read: Shiba Inu (SHIB), Dogecoin (DOGE) Price Recovers As Bitcoin Price Regains $22k

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