Bitcoin and Ether gained in Monday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization, after U.S. regulators took charge of Silicon Valley Bank and Signature Bank, both with exposure to crypto industry, protecting deposits and confirming that no losses will be borne by the taxpayer.

Bitcoin, the largest cryptocurrency by market capitalization, gained 9.9% to US$22,555 in 24-hour trade to 4 p.m. in Hong Kong, taking its total gains for the week to 0.68%. Ethereum increased 9.64% to US$1,614 on the day and 3.3% on the week, according to CoinMarketCap data.

The global crypto market cap gained 8.97% to US$1.03 trillion, while the total crypto market volume rose 21.66% in the last 24 hours to US$77.36 billion.

(BY PRADIPTA MUKHERJEE AND ZOLTAN VARDAI)