In March 2023, during the Silicon Valley Bank (SVB) collapse on March 10, the S&P 500, Nasdaq, Dow, and Bitcoin all experienced significant volatility, but all ended the month with gains.
All indices & Bitcoin benefited from the Fed’s swift deposit guarantees under the Bank Term Funding Program (BTFP).
Bitcoin led the recovery, beginning its sustained upward trajectory on March 13, 2023, just three days after the SVB collapse. The S&P 500 and Nasdaq followed two days later on March 15, while the Dow lagged, starting on March 16.
Bitcoin’s rapid recovery reflects its sensitivity to banking crisis narratives & investor flight to alternative assets.

Will history show that this was the tipping point for Bitcoin, from speculation to safe haven?