BTC Surges by Nearly 20% as U.S. Bank Stocks Halt Trading: Analysts Anticipate Further Price Volatility

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Bitcoin's price surged by nearly 20%, reaching $24.5k on Monday, March 13th. The price of ETH was able to recover over 8%, reaching a high of just over $1,700. This was all happening while U.S. bank stocks experienced their largest mass halt in history due to the extreme losses of multiple banks.

Latest on Silicon Valley Bank (SVB)

Silicon Valley Bank's UK branch has been acquired by HSBC for just over $1 after the bank collapsed. The acquisition will help HSBC to expand its corporate banking business and support fast-growing UK tech firms.


After the second largest stablecoin depegged from its stable value, over the weekend, USDC was able to regain its peg of $1 USD on Monday. Circle, a global fintech firm, announced that deposits were confirmed to be 100% safe with Silicon Valley Bank, and USDC liquidity has resumed following a new settlement agreement with Cross River Bank.

Moonbirds Dumped

A large NFT “whale” liquidated 500 Moonbirds within 24 hours, resulting in the loss of 719.49 ETH. Moonbirds are a popular NFT collection that was released on the Ethereum blockchain.

APTOS Blockchain

Finally, the total number of transactions on APTOS mainnet, a blockchain for the gaming industry, has exceeded 100 million. This milestone highlights the growing adoption of blockchain technology in the gaming industry.

BTC/USD Recovers

The bullish hourly candle was eagerly anticipated by market participants, who warned of extreme volatility at the Wall Street open. The uncertainty surrounding bank stocks allowed Bitcoin and most altcoins to benefit.

BTC/USD 1-hour candle chart (Mamoru). Source: TradingView

Analysts expect further upward price action, particularly if $22.4k holds as the new support by end of week. This would allow Bitcoin to gain momentum, possibly returning to the main resistance level of $24.1k-$25k.

BTC/USD 1-day candle chart (Mamoru). Source: TradingView

ETH/USD Recovers

On March 13, Ethereum's native token, Ether (ETH), rose over 8%, briefly surpassing $1,700. This was its highest level in almost two weeks, after U.S. regulators shored up wavering confidence in the banking sector. The regulators' emergency measures helped recover the token's price, which had fallen to $1,369 on March 10 amid fears of a wider banking contagion.

Ether's recovery was part of a broader rebound move, with the token rallying almost 20% from its March 10 low. Additionally, Binance announced that it would convert its $1 billion worth of “Industry Recovery Initiative” fund to Bitcoin, Ether, and BNB. From a technical perspective, the near-oversold bounce hints at an extended recovery period for ETH, which could rally to $1,820 by the end of March, up almost 8% from current price levels.

ETH/USD 1-week candle chart (Mamoru)

However, the long-term outlook for Ether looks skewed toward bears as the ETH/USD pair eyes a pullback after hitting the resistance line of its prevailing symmetrical triangle.


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