Crypto up after traders soothed

CRYPTOCURRENCY prices have soared as investors breathed a sigh of relief that US regulators moved to bolster the US banking system after the collapse of Silicon Valley Bank.

Bitcoin and ether, the two most widely- traded coins, have surged by a fifth since their lows on Friday.

Traders were reassured by US authorities that deposits at the failed SVB and Signature Bank would be protected.

Bitcoin jumped nearly 13pc to hit more than $24,000. The banks were used by crypto firms as the conduit for payments between crypto and sovereign money.