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Bitcoin (BTC) increased by 1.62% on Saturday. BTC finished the day at $20,529, reversing a drop of 0.88% from Friday. BTC halted a five-day loss run while revisiting sub-$20,000 for the second occasion since January 14.

BTC reached a peak of $20,789 early in the day thanks to a positive start to the day. Before falling to a mid-morning low of $19,863, BTC breached the First Major Resistance Level (R1) at $20,525 before continuing to decline. But after avoiding the First Major Support Level (S1) at $19,735, Bitcoin (BTC) recovered to close the day at $20,529.

Silicon Valley Bank and US Dollar Coin a choppy Saturday session was presented

Investors were more interested in Silicon Valley Bank and the USD Coin (USDC) de-peg on Saturday than Fed Fear.

On Saturday, word spread through the media that Circle planned to use company funds to fill the Silicon Valley Bank gap. In a statement regarding Silicon Valley Bank and USDC, Circle noted that "it is possible that SVB may not return 100% and that any return may take some time, as the FDIC issues IOUs (i.e., receivership certificates) and advanced dividends to deposit holders."

The SVB statement continued, "In such a situation, Circle will stand behind USDC and fill any deficit using company resources, engaging external capital if necessary, as mandated by law under stored-value money transfer legislation.

Although the announcement provided assistance, USDC was still unpegged from the dollar this morning at $0.9705.

Updates on Silicon Valley Bank's (SIVB) collapse, however, were less supportive of cryptocurrencies. Investors won't get more information until Monday. An extraordinary conference called by the Federal Reserve on Monday may provide insight into the ability of authorities to compensate SVB debtors. The risk of SVB spread will stay high before the Fed conference.

Updates will automatically have a significant impact on the US futures market and the cryptocurrency market given the current circumstances and the danger to other US regional institutions.

The Dow and S&P 500 both experienced declines on Friday, with the NASDAQ Composite Index declining by 1.76% and 1.45%, respectively.

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