Silicon Valley Bank’s Parent Company Files For Bankruptcy! Short-Term Panic Happened in Bitcoin!

Last Friday, it became the 18th largest bank in the United States. Silicon Valley Bank was closed by the regulators.

This is the news of the shutdown and the USDC issuing company Circle depeg news from the front Bitcoin (BTC) And cryptocurrency had a negative impact on the market.

After two hazy days, the news of saving banks from US regulators such as the FED and FDIC led to a rise in cryptocurrencies.

Now, SVB Group, which once included Silicon Valley Bank, has filed for bankruptcy protection, Forbes reported.

This application ensures that companies are less damaged by protecting against customer demands during the purchasing process.

SVB Financial announced this morning that it has filed a voluntary petition for court-supervised restructuring in the US Bankruptcy Court for the Southern District of New York to bail out the assets and businesses it still controls, including the investment bank and its venture capital arm.

The company, which is not affiliated with Silicon Valley Bank or its government-controlled successor, Silicon Valley Bridge Bank, also said it has approximately $2.2 billion in liquidity and $3.3 billion in funded debt.

William Kosturos, head of restructuring at SVB Financial, said in a statement:

“The Chapter 11 application will allow the holding company to retain its value as it evaluates options for valuable businesses and assets, particularly SVB Capital and SVB Securities.”

Although the bankruptcy filing was filed on March 13 and there was no case with SVB Bank, there was a panic in Bitcoin, and with this panic, a 2% pullback was seen in BTC.