Traditional Financial World Collapsing? SVB & Signature Bank Crashed.
Originally aired on March 13, 2023
Traditional Financial World in Trouble
- Silicon Valley Bank, Signature Bank, and Silvergate Bank have suffered significant financial losses, with all three serving as on and off-ramps for cryptocurrency.
- The US government has provided another bailout to stop the contagion, and the USD coin even de-pegged at one point over the weekend, with Tether also experiencing volatility.
- This collapse of large traditional banks may have implications for the world of crypto and blockchain, warranting analysis and news coverage.
US Banks in Crisis and Implications for Crypto
- Three major US banks that deal with cryptocurrency have experienced large financial losses and required a government bailout.
- This news has implications for the crypto world, causing USD coin to de-peg for a short time and Tether to also experience volatility.
- The collapse of these traditional banks may lead to financial instability and warrant ongoing analysis and coverage of economic news.