--- title: "Bitcoin Surges As Spooked Investors Seek Shelter in Crypto, of All Places" description: "Bitcoin rose nearly 20 percent over the last 24 hours, with the price currently hovering around $24,000 after regulators shut down Silicon Valley Bank." date: "2023-03-13" modified: "2023-03-13" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/bitcoin-surge-svb" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "banking" - "bitcoin" - "finance" - "the digest" --- # Bitcoin Surges As Spooked Investors Seek Shelter in Crypto, of All Places ![Bitcoin is way up in spite — or, perhaps, because — of the tumult following the federal seizure of Silicon Valley Bank.]() *\Image: Getty / Futurism\* ## All The Way Up Bitcoin is way, way up in spite — or, perhaps, because — of the tumult in the rest of the financial world. As [*Decrypt* notes](), the cryptocurrency rose nearly 20 percent in value over the last 24 hours alone, with the price currently [hovering around $24,000](), the highest it's been in over a week. The crypto market on the whole shot up $70 million over roughly the same time span, [*CNBC* reports](), bringing the market back to over the $1 trillion threshold. The surge comes on the heels of [regulators shutting down]() Silicon Valley Bank and crypto lender Signature Bank, as well as the fall of [Silvergate Capital](), which also lent to the crypto sector. To be clear, it's not just a coincidence; these two seemingly opposite trajectories are likely related. The SVB withdrawal frenzy and subsequent closure initially lead to a [crypto freakout]() after [blockchain companies disclosed]() their significant holdings in the bank en masse. But given the latest news, Bitcoin is emerging as a key player as investors are desperately trying to find new footholds. ## Smart Move As the dust from the SVB debacle settles, it now appears that crypto has not only found equilibrium but is experiencing a rise in price thanks to regulators [setting up an emergency insurance fund]() to repay Signature and SVB's clients, [as *CNBC* reports, a move that has clearly reassured panicked investors](). "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, an executive at the crypto exchange Luno, told *CNBC*. This [sort-of-bailout](), while [unpopular with Wall Street](), was intended by regulators to stem the tide of a roiling financial crisis. For all intents and purposes, it seems like it's working — at least in the crypto sector. **More on banking:** [*Bank of America Obsessed With AI, Says It's the "New Electricity"*]() ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()