Despite the ongoing bankruptcies in the cryptocurrency sector, the market is resilient. Bitcoin soared on Monday while most other assets plunged in the wake of the bankruptcy of the American bank Silicon Valley Bank.

Bitcoin's performance testifies to the resilience of cryptocurrencies despite the bad news that has been coming to the industry for months. The last three sessions could have seen prices melt, as was the case at the end of 2022 after the bankruptcy of one of the largest platforms in the sector, FTX. However, while an icy wind is blowing on global stock exchanges or commodities, bitcoin has risen more than 20% since Friday evening.

According to Clara Medalie, an analyst for digital asset data provider Kaiko, bitcoin soared when the government assured it would refund deposits, but there was another catalyst: Binance. Despite the surge in the prices of bitcoin and other major cryptocurrencies, the future is not necessarily rosy for the sector, whose recent setbacks have driven part of the world away from traditional finance.