Bitcoin jumps 10% with crypto market topping $1 trillion as U.S. creates backstop for SVB depositors

Cryptocurrencies rallied on Monday as the U.S. government moved to protect depositors of the collapsed Silicon Valley Bank and HSBC bought the bank’s U.K. arm.
$Bitcoin(BTC.CC)$ was up nearly 10% at 3 a.m ET at $22,560.20, its highest level in 10 days.

The U.S. Treasury, Federal Reserve and Federal Deposit Insurance Corporation said Sunday that depositors of SVB will have access to all of their money starting Monday.
$HSBC Holdings(HSBC.US)$ HSBC said it had agreed to acquire the U.K. arm of $硅谷银行(SIVB.US)$ for £1 ($1.21).
The U.K. Treasury said Monday that “no taxpayer money is involved, and customer deposits have been protected.”