Bitcoin Rises on Report Government Weighing Plan to Protect All Silicon Valley Bank Depositors

The price of bitcoin rose above $21,400 after the Washington Post reported that U.S. federal authorities are considering safeguarding uninsured deposits at Silicon Valley Bank should a buyer not be found for the institution, which collapsed last week following a $42 billion bank run. Roughly 85% of SVB depositors held money in accounts that were not FDIC-insured, meaning that without federal action or an outright purchase of the bank those funds could be irretrievable. Seeking to avoid a panic