According to CoinDesk data Friday morning, Bitcoin rose 6.34% to $26,438, which is its highest level since June 2022. It is still considerably lower than the peak of Bitcoin in November 2021, when it reached $65,000.

Other cryptocurrencies are also doing well. Ether is up 4.50% at $1736, according to CoinDesk dataonFriday. Binance Coin (BNB), up 7.46% over the last 24 hours to $334 .

After the announcement Silicon Valley Bank was taken over by U.S. FDIC, the price of Ether and Bitcoin jumped. According to the company, it has approximately $2.2 billion in liquidity. Regulators shut down Silicon Valley Bank last weekend, the 16th-largest bank in the United States, and the crypto-adjacent Signature Bank.

Some investors were concerned about the limited access to banks that cryptocurrency companiesnow have in the U.S.

After briefly rallying on Tuesday, Bitcoin dropped to below $25,000 earlier this week. It then saw its best three-day performance in three days since October 2019, following the announcement of the collapse.

Bitcoin was founded in 2009. While Bitcoin has been considered a risky investment, its supporters see it as an alternative to banks and other traditional financial institutions. This view has helped Bitcoin’s recent performance, as stocks have been under pressure since the collapse of three U.S. regional banks.

As of Friday morning, Dow Jones Industrial Average DJIA was down 0.71% and the S&P 500 down 0.38%. According to FactSet data, Nasdaq Composite has increased by 0.17%.