Bitcoin grew by more than 9% per day

According to CoinGecko, the value of the flagship cryptocurrency rose by 9.4% overnight. At the time of writing, BTC has risen above $ 22,000, trading at $ 22,283. The global market capitalization has also grown, rising by 7.7% over the past 24 hours, currently standing at $ 1 trillion.

One of the reasons for the growth of BTC $56,218.81 Bitcoin -1.67% Market capitalization $1.11 trillion VOL. 24 hours $2.75 billion was the news of the launch of a government program in the United States, which aims to provide local banks with access to liquidity to cover deposit obligations. The US Federal Reserve has allocated $ 25 billion to help supervisory organizations. The decision was made after a series of large-scale bankruptcies in the banking sector, including Signature Bank and Silicon Valley Bank.

Members of the cryptocurrency community took the news as a «printing press» launch — they hope that new dollars will be injected into the US economy, some of which will be used in the crypto industry and will cause the cryptocurrency rate to rise.

It is worth noting that Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao, the chairman of the world’s largest cryptocurrency exchange, noted that the closure of digital asset-friendly banks could threaten stablecoins, whose rate is pegged to the underlying asset, such as the US dollar. The issuers of such tokens keep the assets backing the cryptocurrency in banks. For example, one of the clients of the closed Signature Bank was Circle, the issuer of the second largest USD Coin by capitalization.

To support the sector, CZ reported that the Binance Industry Recovery Initiative fund will convert $ 1 billion into BTC, BNB, and ETH, which has led to a sharp rise in the value of the flagship cryptocurrency and top altcoins. The Industry Recovery Initiative was launched last November to help restore the cryptocurrency market after the FTX crash.