Crypto Update | The Fishy Story Behind the Collapse of Silvergate, SVB and Signature Bank
Markets Outlook
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Introduction
The Federal Deposit Insurance Corporation is backing up all deposits at Silicon Valley Bank and Signature Bank, to reportedly troubled crypto-related institutions. Investors are moving away from stablecoins and into Bitcoin after Circle Internet Financial's USDC stablecoin lost its $1 peg over the weekend. The divergence likely reflects investors' preference for assets to attach from traditional finance.
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