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Should the crypto industry be concerned with the recent bank defaults?
Two of the banks that were friendliest to the crypto sector and the biggest bank for tech startups all failed in less than a week. While cryptocurrency prices rallied Sunday night after the federal government stepped in to provide a backstop for depositors in two of the banks, the events sparked instability in the stablecoin […]
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Silicon Valley Bank collapse sparks concern for the tech industry but the crypto industry remains relatively unscathed
Silicon Valley Bank was in “sound financial condition prior to March 9,” according to an order from California’s Department of Financial Protection and Innovation. It became insolvent after investors and depositors caused a run on its holdings, the order said. Silicon Valley Bank appears to have had a relatively small footprint in the crypto industry. Historically, many […]