Cryptocurrencies rallied on Monday as the U.S. government moved to protect depositors of the collapsed Silicon Valley Bank and HSBC bought the bank's U.K. arm.
These moves by regulators to create a backstop for SVB and protect depositors in these institutions has boosted investor confidence.depositors of SVB will have access to all of their money starting Monday"No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," the regulators said.
"Given the Fed announcement over the weekend of a backstop for banks and specifically Silicon Valley Bank, markets have turned euphoric knowing that depositors' money is safe and a major potential bank run has been averted," Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC via email.
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