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Two U.S. Banks Collapse in 48 Hours. Which One's Next?
In just 48 hours, the banking sector has been shaken by the collapse of two major banks.
Most worrying is that these banks served two so-called growth economic sectors: the tech sector and the cryptocurrency industry.
Silvergate, the crypto bank, collapsed. The bank was where most of the big crypto firms went, because traditional banks did not want to do business with them.
SVB Financial Group, (SIVB) - the lender to Silicon Valley startups, failed on March 10, falling into the hands of the FDIC. The federal agency has taken control of the banking company, reviving the ghosts of the 2008 financial crisis.
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