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

Written by Shubhakshmi Swami

Many eyes shifted toward the crypto market when the US shut down Silicon Valley Bank in a surprising move. 

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

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.

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.

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

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.

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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