Why did it surge today?

Silicon Valley Bank depositors will be able to withdraw all their funds starting Monday, March 13.

U.S. financial regulators took action on Sunday to ensure the safety of depositors' funds and established a new $25 billion loan program funded by the Treasury Department to provide necessary liquidity to depository institutions.

The U.S. Treasury Department said in a joint statement with the Federal Reserve and the Federal Deposit Insurance Corporation on Sunday that Silicon Valley Bank depositors "will have access to all of their funds starting Monday, March 13, and any losses related to the resolution of Silicon Valley Bank's problems will not be covered by Taxpayers will bear the burden." Buoyed by this, the three major U.S. stock index futures all rose by more than 1% in the Asian session, Bitcoin rose by 10%, and risk aversion sentiment cooled.