Bitcoin Surged Over 10 % After the Positive News
Silicon Valley Bank was one of the backbones in the startup ecosystem for 40 years in row, supporting startup investments and venture capitals. The bank’s exposition to cryptos have shown several vulnerabilities in fame and money, losing investors’ confidence to it.
The asset liquidation cannot satisfy the creditors needs but there was an unexpected turn of events. FDIC decided to protect all depositors that are based in the USA while the UK branch, HSBC UK bought all the assets for 1 UK pound.
This move showed that the financial system can absorb the shock crisis and that cryptos is not the easy blame for everything bad in the economy. The 10 % surge in hust a day gave another boost, and more will follow in the next days.