Bitcoin surged over 15 percent on Monday following relief over the safety of deposits held by tech companies in SVB.
, Ethereum and other cryptocurrencies jumped on Monday after investors looked for alternatives to stocks and bonds, after the collapse of SVB and Signature Bank, the biggest banking crisis in the U.S. since 2008.
Initially, the Silicon Valley Bank collapse was seen as potentially harmful to crypto prospects, as many crypto- and blockchain-focused startups had deposits with the bank that might be. Investors had the same concerns over Signature Bank, which collapsed over the weekend. Signature Bank had extensive lending in real estate, but had recently expanded crypto-based lending. According to Reuters, as of September, almost a quarter of its deposits—of a total $89 billion—came from the cryptocurrency sector. The bank announced in December that it would reduce its crypto-related deposits by $8 billion.
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Bitcoin jumps 10% with crypto market topping $1 trillion as U.S. creates backstop for SVB depositorsCryptocurrencies rallied on Monday as the U.S. government moved to protect depositors of the collapsed Silicon Valley Bank and HSBC bought the bank's U.K. arm.
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JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
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SVB collapse: The Treasury must make whole SVB investorsThe Treasury Department is right to ensure that investors at Silicon Valley Bank have access to their deposits.
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Biggest Movers: LTC, ETC 15% Higher, as Crypto Markets Rebound on Monday – Market Updates Bitcoin NewsLitecoin was back in the green on March 13, as cryptocurrency markets rebounded to start the week. Ethereum was also 15% higher.
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Fed to hold emergency meeting on Monday amid SVB's swift collapse By Investing.com*FED TO HOLD EMERGENCY MEETING ON MONDAY AMID SVB'S SWIFT COLLAPSE -
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FDIC racing to start returning some uninsured SVB deposits as soon as Monday, Bloomberg News saysThe Federal Deposit Insurance Corporation (FDIC), which is overseeing the emergency breakup of SVB Financial Group , is racing to sell assets and make a portion of clients' uninsured deposits available as soon as Monday, Bloomberg News reported on Saturday, citing people with knowledge of the situation.
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