Bitcoin [BTC] soars as SiliconValleyBank depositors get a regulatory lifeline
On 11 March, BTC’s price suffered a significant drop below $20,000 following a mass withdrawal of funds by customers of SVB.
As a result of this, the California Department of Financial Protection and Innovation shut down the bank on the same day. This led to the de-pegging of various stablecoins and other associated cryptocurrencies.Improved sentiments, however, returned to the market as Federal regulators, in a joint statement on 12 March, announced the approval of “actions enabling the FDIC to complete actions in a manner that fully protects all depositors” at the failed bank.Exchanging hands at $22,422.
Further, BTC’s price movement assessed on a 12-hour chart revealed a pattern of growing coin accumulation. Key momentum indicators such as the Relative Strength Index and the Money Flow Index rested above their neutral lines in uptrend positions. This suggested that coin accumulation exceeded the distribution at press time. BTC’s RSI was 55.49, while its MFI was 51.90.
Likewise, its Chaikin Money Flow reclaimed its spot at the positive territory and posted a value of 0.02 at press time. A positive CMF value is a bullish sign that hints at increased liquidity needed to drive up the value of an asset.
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