Analytics The failure of Silicon Valley Bank seems to have unraveled a range of financial difficulties within the US banking sector. That the rising interest rates made matters worse for many banks is sufficiently established by now. But the larger question is whether the banks could survive a bank run? The Silicon Valley Bank customers…
Ken Griffin, the founder and CEO of Citadel, isn’t a fan of the extraordinary measures taken by the U.S. Federal Reserve to protect depositors at Silicon Valley Bank and Signature Bank on Sunday. “There’s been a loss of financial discipline with the government bailing out depositors in full,” Griffin said, in an interview with the…
According to an announcement by the Federal Reserve, New York-based Signature Bank, which had several clients in the cryptocurrency space, was shut down by state regulators. Signature Bank Shut Down New York State financial regulators on Sunday shut down Signature Bank. The move comes as the fallout from the implosion of SVB Financial Group’s Silicon…
Altcoins Stablecoin issuer Circle Internet Financial said Monday the US$3.3 billion in USD Coin (USDC) reserve deposits held at the failed Silicon Valley Bank will be fully recovered when banks open on Monday in the U.S., reflecting a statement from financial authorities. Fast facts The US$3.3 billion accounts for about 8% of the total USDC…