Bitcoin price has been on a tear since last Friday, with the top cryptocurrency by market cap rebounding nearly 30% from Friday’s lows. The recovery has now set a new 2023 record, pushing above $25,000 and making a new high for the year.

Trading in bitcoin (BTC) options listed on cryptocurrency exchange Deribit has soared in the wake of U.S. bank failures and resulting market volatility.

Bitcoin was heavily shorted from the 10th to the 13th of March on the news of contagion around the regional banks.

The market is trading in green today as Bitcoin and other Altcoins are still seeing a jump today despite the collapse of three major U.S. banks last week. As of writing, Bitcoin price increased by 8.54% in the last 24 hours. Ethereum price increased by 4.54%. Crypto prices today for Cardano rises by 1.63%. Solana price hikes by 3.01%. XRP increased by 0.10%. 

President Biden went on national television to speak on the US banking sector.

Risky assets pared or reversed early gains during the European trading hours as shares in San Francisco-based First Republic Bank (FRC) nosedived in premarket trading in the U.S., reflecting investor angst over the banking sector's health. Bitcoin pulled back to $22,000, after it nearly tested its 50-day simple moving average at $22,900 during  Asian daytime hours. The cryptocurrency is still up 8% in the last 24 hour as the Federal Deposit Insurance Corp. said all depositors of Silicon Valley Bank will have full access to their money beginning Monday morning. after confirming a successful transfer of deposits to a new bridge bank. The new bridge bank, called Silicon Valley Bank N.A., will be operated by the FDIC. Silicon Valley Bank is used by many tech companies, an area that includes crypto startups.

The panic caused due to USD Coin's (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes.

President Biden is stepping up the attack on Bitcoin and crypto. Combined with banking failures and inflation increases, the crypto asset class has lost 14% in value over the past week.

Risk assets erased early gains during the European hours as shares in San Francisco-based First Republic bank nosedived in pre-market trading, reflecting continued investor angst over the banking sector's health.

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.