The latest price moves in bitcoin (BTC) and crypto markets in context for March 27, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
First Citizens to Buy Silicon Valley Bank’s Deposits, Loans in $55.5B Agreement With FDIC
Federal Deposit Insurance Corporation says the 17 former branches of Silicon Valley Bank will re-open as First Citizens Bank & Trust Company on Monday, March 27.
Breaking: First Citizens snaps up Silicon Valley Bank — Branches open Monday
The deal was announced on March 26 by the Federal Deposit Insurance Corporation (FDIC).
First Citizens Nearing Deal for Silicon Valley Bank: Bloomberg
Raleigh, N.C.-based First Citizens is the 30th largest bank in the U.S., with $109 billion in assets, and recently completed an acquisition of New York-based commercial lender CIT.
US explores additional bank support favoring First Republic’s benefit: Report
Despite banking laws stating that remedies should not be aimed at benefiting a specific bank, this change could be structured “in a way to ensure” First Republic benefits, according to unnamed sources.
Bank Consolidation Threatens Freedom, Makes Case for Bitcoin
The biggest threat from the banking crisis triggered by this month’s collapse of Silicon Valley Bank might not lie in the potential for depositors to lose their savings but in the censorship power that massive banks are now accumulating as customers move their money.
Crypto Is the Solution to Bank Runs, Not the Cause
Self-custody, transparency and immediate settlement are just a few ways that crypto could prevent loss of funds.
‘How did this happen’ — Powell says Fed stumped over the collapse of SVB
In a post-FOMC meeting on March 22, the chairman of the Federal Reserve said his “only interest is that we identify what went wrong here.”
SVB Financial’s First Bankruptcy Hearing ‘Wasn’t Really So Routine,’ Says Legal Expert
The holding company needs access to the FDIC-locked funds in order to pay back its creditors and support its two external operations, says Kleinberg, Kaplan partner, Dov Kleiner.
Bitcoin Emerges as Safe Haven as Traditional Finance Faces Turmoil
Conflicting data creates the question of how the Fed will react to both rising inflation and failing banks – and whether bitcoin will be a lifeboat.
‘Operation Choke Point 2.0’ may have contributed to SVB’s collapse: Mulvaney
While the existence of “Operation Choke Point 2.0” has not been confirmed, Mick Mulvaney spoke of “rumors” of its existence and the potential side effects of such a policy.
US exploring ways to guarantee the country’s 18T of bank deposits: Report
The current deposit insurance cap under the FDIC is $250,000, but recent banking collapses have seen calls to increase that amount.
Bank collapses are spurring interest in self-custody startups
The implosions of Signature Bank and Silicon Valley Bank are giving self-custody startups an opportunity to prosper.
No Crypto Banking Port Has Really Opened Up in This U.S. Storm
The biggest U.S. banks have not stepped forward to welcome homeless crypto businesses scrambling for banking services after fleeing the wreckage of Silvergate Bank, Signature Bank and Silicon Valley Bank.
Fed, central banks enhance ‘swap lines’ to combat banking crisis
Currency swap lines have been used during times of crisis in the past, such as the 2008 global financial crisis and the 2020 coronavirus pandemic.
SVB’s UK arm issues 15M pounds in bonuses after symbolic bailout: Report
Insider sources reportedly described the bonus pool as “modest,” adding that the stock held by senior execs had been “rendered worthless” following Silicon Valley Bank UK arm’s “near-collapse.”
Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100B
Bitcoin has decoupled from stocks and rising ten years after the Cyprus banking crisis coincided with a BTC price boom.
How credible is the ‘Operation Chokepoint’ theory?
Silicon Valley Bank and Silvergate Bank were crucial to many in the cryptocurrency industry, and it’s fueling theories that regulators encouraged their downfall.
How credible is the ‘Operation Chokepoint’ theory?
Silicon Valley Bank and Silvergate Bank were crucial to many in the cryptocurrency industry, and it’s fueling theories that regulators encouraged their downfall.
Bitcoin Is a Clear Winner of the U.S. Banking Crisis
The narratives around bank failures, stablecoins and interest rate hikes seem strong enough to propel the price of bitcoin, says CoinDesk’s George Kaloudis.