The crypto community looks to its roots in response to the Silicon Valley Bank collapse.
Highlights
- Silicon Valley Bank collapse has sparked fear, uncertainty and doubt (FUD) across the crypto community.
- Many people blame the failure on the rising interest rates in the United States.
- Bitcoin white paper published just weeks after Lehman Brothers meltdown in 2008 paved the way for the emergence of the Bitcoin network.
- Many crypto and tech companies are affected by the collapse of the bank, which many blame for the collapse.
- The California Department of Financial Protection and Innovation appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver to protect insured deposits.
- SVB was about to shut down operations when USD Coin (USDC) issuer Circle initiated a wire transfer to remove its funds.
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