"It's hard to decide, what do you think?"
It is already known that the cryptocurrency market has faced a drastic fall during the COVID-19 pandemic, but investors are found to be interested in the digital asset when the price jumps to higher levels in 2021.
But this time most individuals were shaken by the issue of the collapse of Silicon Valley Bank (SVB) which is the best bank in the United States (US) and it was once featured in the Forbes Financial All-Stars list.
Although SVB is the 16th largest US lender that has been in business for 40 years with $200 billion in assets, regulators have seized the bank following its failure to meet withdrawal requests from depositors.
In context, some startups started to fear SVB after they were found to be planning to update their balance sheets on the same day Silvergate went down.
It is well known that the closure of SVB has led to a fall in international banking stocks followed by the failure of SVB Financial Group and other entities that also pose a risk to the financial system.
Reportedly, the Federal Deposit Insurance Corporation (FDIC) has acted to worsen the crypto market by calling it a threat to the nation's financial system.
However, SVB's connection to crypto is relatively small and this raises some questions about fiat currencies that may already be unstable.
