Svb & 3 major bank collapse in US: Impact on Crypto Market

Written by Shubhakshmi Swami

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SVB collapsed, crypto market faced a blow largest operators of USDC, that it had $3.3 billion of reserves.

Crypto companies such as Coinbase Global Inc and Paxos Inc are reportedly exposed to these failed US banks.

"SVB's halt had caused a 10% de-peg of USDC, which a massive sell-off across crypto markets.

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There are very few options now for crypto firms and the industry will be strapped for liquidity until new banks step in

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The federal government on Sunday to guarantee for SVB adding a small rally in the crypto markets.

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Both bitcoin and Ethereum are nearly 10% higher in the last 24 hours.

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The crypto market is not like it used to be. Bitcoin has been under $25,000 for over eight months now.

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SVB and Signature Bank has played a role in calming the storm of bears in the crypto market.

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