Good morning. Here's what's happening:

Prices: Bitcoin surged above $22.5K after federal regulators said they'd cover failed SVB's customer deposits; ether and other altcoins also revive.

Insights: Lurking behind Silicon Valley Bank failure is the real sick man of American finance: small banks.

Prices

CoinDesk Market Index (CMI) 1,052 +82.0 a_s 8.4% Bitcoin (BTC) $22,482 +1921.8 a_s 9.3% Ethereum (ETH) $1,614 +140.9 a_s 9.6% SaP 500 3,861.59 "56.7 a_f 1.4% Gold $1,880 +18.1 a_s 1.0% Nikkei 225 28,143.97 "479.2 a_f 1.7% BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)