Despite recent bank closures that were pro-cryptocurrency, the market for cryptocurrencies increased above $1.1 trillion for the first time in the past week. This increase was mostly caused by Bitcoin (BTC), which increased by about 15% to surpass $26,000 and set a two-week high. The price of Ethereum (ETH) increased as well, passing $1,700.
The recent increase in the value of BTC was sparked by the US regulators’ support for Silicon Valley Bank and Signature Bank, which many traders and investors saw as a promising indication for the banking industry as a whole. Also, there is concern that the Federal Reserve may suspend its aggressive rate-hiking cycle in light of the present financial sector crisis.

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