Bitcoin Gold (CRYPTO: BTG) is trading higher Monday afternoon. Shares of several popular altcoins trading higher amid broader strength in cryptocurrencies.
Crypto may be higher in sympathy with the broader U.S. market after President Joe Biden Monday morning reassured Americans about the stability of the financial sector on Monday morning following the recent collapse of SVB Financial Group, Signature Bank and Silvergate Capital Corp (NYSE: SI).
“All customers who had deposits in these banks can rest assured they’ll be protected, and they’ll have access to their money as of today, Biden said. “No losses will be borne by the taxpayers. Instead, the money will come out of the fees the banks pay into the deposit insurance fund.”