In Crypto: Bitcoin surges amid fears of global banking crisis

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Bitcoin price surged to nearly $28,500 amid fears of another global financial collapse.

BTC is up almost 25% in a week and has a market capitalization of $534 billion, with the total value of the crypto market now hovering around $1.16 trillion.

The collapse of several banks (Silvergate, Signature and Silicon Valley) appears to be eroding confidence in the fiat system, with the latter's UK arm, a large-scale liquidity provider for the tech sector, bought by HSBC for just £1 .

Weekend, investment bank Credit Suisse was bailed out by UBS Group in a proposed $3.25 billion deal which significantly chipped away at its $8 billion market capitalization on Friday. As part of the deal, the Swiss National Bank has committed to provide up to $110 billion in liquidity to UBS.

Signature's deposits and loans are now set to be sold to Flagstar Bank, a subsidiary of New York Community Bancorp, but cryptocurrency-related deposits will not be part of the deal.

Other regional banks in the US are reportedly at risk of failing, raising fears of hyperinflation.

Former Coinbase CTO Balaji Srinivasan is so confident that people will flock to crypto as an alternative monetary system that he made a $2 million bet on Twitter with James Medlock that BTC will hit $1 million in 90 days. Other Twitter users are said to have entered into a smart contract with the betting terms.

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Meta shut down its Instagram NFT business just seven months after launching globally.

Polygon co-founder Anurag Arjun has spun his Layer 1 blockchain startup Avail off of the Ethereum scaling protocol. Avail is a modular blockchain optimized for data availability.

Global Bitcoin ATM maker General Bytes has shut down its cloud services after an attacker gained access to users' hot wallets and sensitive information, including passwords and private keys.

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The overall market capitalization of the 22,800 coins is $1.16 trillion at the time of writing (7am UK), an increase of 0.5% in the last 24 hours.

For valuations of the top 100 coins by market capitalization in US dollars, plus 24-hour price change, see below.

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