Bitcoin Surges to 3-Month High in Rapid Rally

Bitcoin reached a nine-month high, surging over 30% in four days, as it shrugged off the chaos in global markets after the collapse of Silicon Valley Bank and rode expectations that US interest rates won't rise so fast. The US authorities' action to limit the fallout from the collapse of SVB helped stabilize the major USDC stablecoin, which was seen as positive for the crypto sector as a whole. The steadying of USDC was a key factor in the recent surge of Bitcoin.