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Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture capitalists caused
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In response to the extraordinary depegging event of the USD Coin stablecoin caused by the collapse of its counterparty Silicon Valley Bank (SVB), crypto whales have reported severe losses and appear to have embarked on a series of capital flight to protect assets. Du Jun, co-founder of cryptocurrency exchange Huobi
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"I am alarmed by the failure of Silicon Valley Bank, which marks the second largest bank failure in U.S. history," she said in a statement. "I am closely monitoring and convening Committee members with regulators so myself and members can understand the latest around the closure of Silicon Valley Bank
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USDC issuer Circle Internet Financial said late Friday it "awaits clarity" from federal banking regulators on the status of its deposits at Silicon Valley Bank, one of the six financial institutions it said are responsible for managing one quarter of the assets backing its $43 billion stablecoin. Original Source
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In the end, Silvergate Bank didn’t survive. But its executives were able to avoid taking government assistance. Silvergate Capital’s share price is down 83% since March 1, the day the bank said it was unable to file its annual report. But with shareholders taking the hit – not depositors or
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The collapse of crypto-friendly bank Silvergate will likley have a significant impact on the crypto ecosystem and its ties with the banking sector in the U.S. Earlier this week, the parent company of Silvergate Bank announced plans to wind down operations and liquidate the bank. The announcement came after the crypto-friendly
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Bitcoin (BTC) briefly slipped below $20,000 for the first time in nearly two months, following the latest budget from United States President Joe Biden and the collapse of “crypto-bank” Silvergate.The price of BTC dipped to $19,945 on March 10 before recovering to hover just above $20,000, according to data from
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“Coupled with the drop in the price of bitcoin, we have seen a noticeable drop in trading volumes, too, across the ecosystem when news about Silvergate’s financial difficulties broke,” Guilhem Chaumont, CEO of Paris-based market maker and brokerage Flowdesk, told CoinDesk in a note. Original Source
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Silvergate Bank had a really rough week, to the point where a not-insignificant number of people were waiting for the Federal Deposit Insurance Corporation (FDIC) to announce the bank had entered receivership after close of business Friday. Source
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This week on The Market Report, the resident experts at Cryptox discuss all the details regarding Silvergate and its impact on the crypto market so far.We kick things off with this week’s top storiesBitcoin traders eye $19K BTC price bottom, warn of ‘hot’ February CPIIt could be a testing few
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