The end for the SVB – Since the Federal Deposit Insurance Corp. (FDIC) closed and seized the Silicon Valley Bank, the latter was in a desperate reprieve. Unlike the Signature Bank – which could potentially be redeemed, under anti-crypto conditions – the hope of a buyer is now definitely ruled out for the SVB.
The parent company of the American bank, SVB Financial Groupis officially placed under the protection of the Chapter 11 Bankruptcies this Friday, March 17, 2023. This will protect it from its creditors, pending its recovery by judicial liquidators. According to a Bloomberg dispatch, Silicon Valley Bank “believes” it has about $2.2 billion of cash, but owes bondholders approximately $3.3 billion.
At the same time, the king of cryptos, Bitcoin (BTC) never stops leaving on the rise. For the first time in more than 9 months, the BTC price thus briefly exceeded the $27,000 this March 17. This little excess of bullish euphoria has subsided slightly at the time of this writing, however, as bitcoin has come back around the $26,600 the unit.
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