Bitcoin and other cryptocurrencies rallied on Monday after U.S. authorities announced plans to limit the fallout from the collapse of Silicon Valley Bank (SVB).
The moves came as authorities took possession of New York-based Signature BankStablecoin USD Coin , which had lost its 1:1 dollar peg and hit an all-time low on Saturday on concerns over the exposures of Circle, the firm behind USDC, to Silicon Valley Bank, recovered. It was at $0.9917, closer to par and up from last week's lows around $0.88.
Circle CEO Jeremy Allaire said in a tweet on Monday all of USDC's reserves are safe and will be transferred from SVB to BNY Mellon.
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