Crypto prices rebounded hard this week on news that the U.S. government will intervene to ensure that depositors of the failed industry-servicing institutions Silicon Valley Bank (SVB) and Signature would be made whole. 

As could be expected, Crypto Twitter was all over the topic, as it was last week; but Monday’s news brought much needed closure to the industry. 

Prices had suffered as far back as the beginning of the month, when another bank called Silvergate—which actually transacted in crypto—  delayed filing its annual 10-K report with the U.S. Securities and Exchange Commission (SEC), prompting speculation as to the state of its finances. 

On Monday, a day after Signature was shut down by the New York state chartering authority, popular exchange Coinbase revealed the extent of its exposure to the bank and promised that its operations were business as usual. 

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Author: Tim Hakki

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