Price of Bitcoin increases by 10%

The value of bitcoin recovers on Monday, climbing 10% above $22,000 per coin, Report informs.

On Binance, the largest cryptocurrency exchange, bitcoin has risen in price by 9.9% per day - up to $22,350 - after a decline below $20,000 on March 10.

According to the CoinMarketCap portal, which calculates the average price for more than 20 exchanges, the cost of bitcoin grew by 9% - to an average of $22,420.

The volatility of the crypto market is related to the crisis in the US banking sector. California regulators closed Silicon Valley Bank (SVB) on March 10, the largest bank failure in the US since the 2008 financial crisis. At the same time, the US authorities, from March 13, will provide all depositors of the bankrupt SVB with access to their savings. Customers of New York's Signature Bank, which was closed on Sunday, will also be protected.