Silicon Valley Bank is Sold, Pushing Bitcoin Price to Bottoms! – Cryptokoin.com

The banking crisis, which negatively affected the Bitcoin (BTC) price in the past, was fueled by the bankruptcy of Silicon Valley Bank (SVB). Recently, there has been a new development about SVB that has plunged the world’s largest cryptocurrency into local bottoms. Here are the details…

SVB, influencing Bitcoin price, is bought by a bank

North Carolina-based First Citizens Bank is preparing to take all of Silicon Valley Bank’s deposits and loans, according to a statement from the Federal Deposit and Insurance Corporation (FDIC). Under a purchase and transfer agreement signed on March 26, 17 former branches of Silicon Valley Bank will open as First Citizens Bank and Trust Company on Monday, March 27, and all customers/creditors of SVB will automatically become First Citizens Bank’s creditors. .

“Today’s transaction includes the acquisition of approximately $72 billion in assets of the National Association, Silicon Valley Bridge Bank, at a discount of $16.5 billion,” the FDIC said in a statement. About $90 billion in securities and other assets will remain with the FDIC for disposal. In addition, the FDIC has acquired rights in common stock of First Citizens BancShares, Inc. with a potential value of up to $500 million. The North Carolina-based bank is the 30th largest commercial bank in the United States, with total assets of $167 billion as of March 10. In addition, the bank’s deposits are 119 billion dollars.

Several companies submitted bids.

Silicon Valley Bank collapsed on March 10 after rumors of a serious liquidity crisis at the bank led the bank to take the offensive. cryptocoin.com As we reported, the FDIC was later appointed as the buyer of the failed bank and tried to put the bankrupt bank up for auction. The process involved two separate auctions for SVB’s assets, one for the traditional depository and the other for its private bank, which is part of its retail operations and serves high-income individuals.

It turns out that several firms are planning or making bids for the collapsing US bank. It has been reported by Bloomberg that First Citizens has been planning an SVB proposal since March 18. Three days later, he reportedly submitted a bid for the entire SVB. At the time, a First Citizens spokesperson declined to comment on “market rumors or speculation.” Another regional bank, Valley National Bancorp, also appears to have made a bid for the bank that collapsed. Meanwhile, a March 24 report by Reuters suggests that Citizens Financial Group, a regional US bank, is preparing to submit a bid for SVB’s private banking arm.

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