Cryptos still strong despite US banks failures

By Ovunc Kutlu

ISTANBUL (AA) — Cryptocurrencies remained strong and were rising on Tuesday, despite being closely related with two US banks that collapsed suddenly last week.

The price of Bitcoin, the world's largest cryptocurrency by market value, increased more than 3% at 4.00 p.m. EDT (2000GMT) to $25,128.

Ethereum, the world's biggest altcoin by market value, rose 2.3% to $1,727.

Some altcoins also saw their price gaining more than 10% during the past day.

The crypto market's total value was up to $1.1 trillion for a gain of 2.5% during the same period, according to data from digital asset price-tracking website CoinMarketCap.

Silicon Valley Bank last week sold $21 billion of its bond portfolio at a $1.8 billion loss. It was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. It was followed by the demise of another lender, Signature Bank.