BTC, ETH backtrack losses- Is crypto rout from U.S. bank collapses truly over

ambcrypto.com:

Bitcoin and Ethereum were both up by more than 9% in the last 24 hours retracing their weekend losses and propping up the crypto market. The stablecoins also saw a surge as they regained their peg. 

The U.S. regulators were able to take out negative sentiments among investors following the collapse of the crypto banks by offering bailout to depositors. 

It should be noted here that Signature Bank and SVB collapsed in just a couple of days from each other. Thus, bringing down the banking and crypto sectors.

Signature was the only viable option for most crypto companies after Silvergate shut its shop and on Sunday the U.S. said adieu to it as well.

Several crypto companies including Coinbase, Paxos, and Celsius have come forward to disclose their exposure to the bank.  

“As of close of business Friday March 10 Coinbase had an approximately $240m balance in corporate cash at Signature,” the exchange announced on Twitter.

— Coinbase (@coinbase) March 12, 2023

Blockchain company Paxos said (at press time) it held $250 million at the bank while Celsius admitted that Signature held their funds without disclosing the amount.

The companies shared hope that they will be able to recover the funds following the joint statement from different U.S. regulators. “All depositors of this institution will be made whole,” the regulators said in relation to the Signature bank context.

The crypto market, eventually, recovered on 13 March. Most of the cryptocurrencies registered positive gains and