Collapse · March 10, 2023
Silicon Valley Bank fails; Signature Bank seized
Price at event
$20,100
Today
$73,525
Since then
×3.7
Largest US bank failures since 2008. Circle reveals $3.3B USDC reserves trapped at SVB; USDC depegs to $0.87. BTC rallies 40% in two weeks as a sound-money narrative trade.
⸺ Sources ⸺
- primaryFDIC Press Release: FDIC Creates Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank (March 10, 2023) ↗
- primaryFDIC Press Release: FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York (March 12, 2023) ↗
- referenceCollapse of Silicon Valley Bank - Wikipedia ↗