Crypto Information: Tesla CEO Elon Musk shared his views on the continuing disaster surrounding the financial institution failures. This comes amid heavy criticism on the style through which banks are dealt with by regulators. The failure of Silicon Valley Financial institution and Signature Financial institution in the US and the newest emergency merger deal involving Credit score Suisse and UBS Group led to huge drop in worth for financial institution shares throughout markets. In the meantime, the crypto market took an inverse correlation to the macro habits dominated by the information of financial institution disaster.
Additionally Learn: FDIC Delays SVB Bidding As Banking Disaster Continues, Bitcoin Worth To $30K?
In the meantime, the Federal Deposit Insurance coverage Corp (FDIC) is refining the bidding course of for acquisition of Silicon Valley Financial institution (SVB), which is now working as a nationally chartered financial institution. The Credit score Suisse UBS merger information introduced shares of banks and bonds down on Monday, because the deal successfully made $17 billion price of Credit score Suisse bonds written down, bringing big losses to buyers within the dangerous bonds.
Elon Musk – His View Of FTX Collapse
In his newest Twitter publish, Musk positioned failed crypto trade FTX among the many likes of Lehman Brothers, Credit score Suisse and Silicon Valley Financial institution. This means his view on the catastrophic impact left by the Sam Bankman-Fried firm collapse. The billionaire will not be solely well-known for his hyperlinks with memecoin Dogecoin (DOGE) within the crypto world, however is understood for shut ties with Binance CEO CZ. This was confirmed after it was disclosed that the crypto trade acquired an fairness within the Twitter platform.
— Elon Musk (@elonmusk) March 20, 2023
Additionally Learn: FTX Sues Bahamian Liquidators Over Affiliate Firm; Calls It “Fraudulent Enterprise”
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