Bitcoin jumps nearly 16% in one-day rally

Bitcoin surged nearly 16 percent on Monday, the biggest one-day increase since the wild price swings seen during November’s market turmoil. And shares of crypto companies rallied following moves by U.S. authorities to stem the spread of concern over the collapse of Silicon Valley Bank.

The rally helped to extend the largest cryptocurrency’s recovery from its worst week in about four months, where an equity sell-off, jitters in the banking sector and an escalating U.S. regulatory crackdown on crypto combined to hurt investor sentiment. The stablecoin USDC traded at par again with the dollar after depegging last week. Adding to the optimism was Binance’s announcement that it would convert the remaining stablecoin funds from a $1 billion industry stability fund to Bitcoin, Ether and its BNB token.

Bitcoin was up 15.6 percent, at $24,400 a share, as of 4:03 p.m. Monday. It is the biggest increase since Nov. 10, when the collapse of FTX whipsawed markets.