Silicon Valley Bank Meltdown Has Little to Do With Crypto

From blockworks.co

The bank has been closed by the Californian Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) has created the Deposit Insurance National Bank of Santa Clara to protect all insured depositors. According to a Bloomberg report, more than 93% of the bank’s $161 billion in deposits are not insured. tweet As the 16th largest bank in the United States and a vital part of the venture technology space, the sudden collapse of SVP has sent the tech community reeling. Its stock collapsed by over 60% in 24 hours, wiping over $80 billion in value. Multiple crypto firms had ... (full story)