shark tank Mark Cuban We asked the ‘big question’ on Sunday following the news of signature bank SBNY and Silicon Valley Bank, subsidiary of SVB Financial Group SIVBMoreCollapse contagion spread.
what happened: In a Twitter post, Cuban said, “Now that the FDIC has secured signature and SVB depositors, the big question is: will their website and online systems be able to handle the heavy traffic of tomorrow?” Federal Deposit Insurance Corporationor the FDIC, is the US regulator that took control of Silicon Valley banks on Friday after the collapse.
Depositors at Silicon Valley banks are assured that all their funds will be available, according to a joint statement from the federal banks and financial regulators on Sunday.
“After receiving recommendations from the FDIC and the Federal Reserve Board and consulting with the President, Secretary Yellen announced that the FDIC will complete the Silicon Valley Bank of Santa Clara, Calif., resolution in a manner that fully protects everyone. approved an action that would allow depositors’, Secretary of the Treasury Janet L. YellenChairman of the Federal Reserve Board Jerome H. Powell and FDIC Chairman Martin J. Gruenbergsaid in a joint press release.
Circle Internet Financial, a stablecoin issuer us dollar coin USD/USDsaid the $3.3 billion in reserves held at Silicon Valley Bank will be fully recovered on Monday when banks reopen in the United States.
This accounts for 8% of the total USDC reserves, according to the statement. Additionally, the company noted over the weekend that Signature Bank, which was acquired by the FDIC, has no cash reserves.
Price Action: Bitcoin Bitcoin/USD and ethereum Ethereum/USD I jumped at the news that the Fed had bailed out two banks. Apex crypto BTC is trading at $22,254, he is up 8.33% in the last 24 hours. ETH he rose 8.10% and traded at $1,596. According to Benzinga Pro data.
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