Crypto News: Tesla CEO Elon Musk shared his views on the continued disaster surrounding the financial institution failures. This comes amid heavy criticism on the way wherein banks are dealt with by regulators. The failure of Silicon Valley Bank and Signature Bank within the United States and the newest emergency merger deal involving Credit Suisse and UBS Group led to huge drop in worth for financial institution shares throughout markets. Meanwhile, the crypto market took an inverse correlation to the macro habits dominated by the information of financial institution disaster.
Also Read: FDIC Delays SVB Bidding As Banking Crisis Continues, Bitcoin Price To $30K?
Meanwhile, the Federal Deposit Insurance Corp (FDIC) is refining the bidding course of for acquisition of Silicon Valley Bank (SVB), which is now working as a nationally chartered financial institution. The Credit Suisse UBS merger news introduced shares of banks and bonds down on Monday, because the deal successfully made $17 billion value of Credit Suisse bonds written down, bringing big losses to buyers within the dangerous bonds.
Elon Musk – His View Of FTX Collapse
In his newest Twitter submit, Musk positioned failed crypto change FTX among the many likes of Lehman Brothers, Credit Suisse and Silicon Valley Bank. This signifies his view on the catastrophic impact left by the Sam Bankman-Fried firm collapse. The billionaire shouldn’t 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 change acquired an fairness within the Twitter platform.
— Elon Musk (@elonmusk) March 20, 2023
Also Read: FTX Sues Bahamian Liquidators Over Affiliate Company; Calls It “Fraudulent Enterprise”
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