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Also Read: Fentanyl Shutdown Crypto-Funded Fentanyl Trade: US Senator Elizabeth Warren advertisement Silvergate Asked To Protect Depositors As per the order, Silvergate is barred from making capital distributions, clearing cash assets and engaging in certain other activities without seeking regulatory approval. It added that the decision is jointly made with the Department of Financial Protection and Innovation of the State of California including Silvergate’s state supervisor The crypto friendly bank in March declared that it would liquidate itself after witnessing a massive selloff. However, this event triggered the global Banking Crisis which came in just after a few months of horrible crypto market collapse. However, the digital asset market picked up pace during increased volatility in banking stocks. Read More Crypto News Here… Bitcoin, the biggest cryptocurrency price dipped to trade around the $20K level at the beginning of March...

US Bank Deposits Declines One potential reason for this trend is the recent spate of bank failures in the United States. In 2023, the major banks – Silicon Valley Bank, Silvergate Bank, Signature Bank, and First Republic Bank – all collapsed, leaving many depositors without access to their funds. advertisement In the case of Silicon Valley Bank, a large portion of the bank’s portfolio was invested in Treasury and mortgage bonds, which lost value when interest rates rose. This led to a panic among depositors, many of whom were tech startup founders, who rushed to withdraw their money from the bank. Signature Bank and First Republic Bank also failed due to a high percentage of uninsured deposits and a large number of wealthy customers with deposits exceeding the FDIC-insured limit. Bank and Bitcoin Rally The fall in bank deposits can also be influenced by inflation, growing mistrust, and recession. Inflation, for instance, has been a ...