Bitcoin BTC Price Spike to $24.5K Stemmed From Regulators’ Bank Interventions, Binance Stablecoin Conversion, Investor Hopes for Fed Dovishness

“The loss of Silvergate, SVB and Signature is devastating for US-based crypto companies,” Frank wrote. “That said, the crypto market has at least temporarily responded to the bailouts well. In light of the uncertainty surrounding banking in the US, the narrative of Bitcoin as a hedge and safehaven has gained steam.”