Bitcoin Regains $20K After $200M in Crypto Liquidations

"Bitcoin and ether rose as much as 4% in the past 24 hours after a steep fall on Friday as contagion risks from the collapse of Silicon Valley Bank spread to crypto markets, specifically the exposure of USD Coin-issuer Circle to the bank.

Ether (ETH) rose over $1,450 while bitcoin (BTC) jumped over the $20,000 mark on Saturday to post early signs of market stabilization. Both tokens fell below strong resistance levels on Friday.

Other cryptocurrencies did not post similar gains, however, suggesting traders were not taking risks on lesser-known tokens yet. Polygon’s matic (MATIC) was up 1.6% while BNB Coin (BNB) and XRP were up a nominal 2% in Asian evening hours on Saturday.