Two banks that had warmed up to crypto and supported tech startups have buckled in under a week. In a welcome move, crypto prices rallied over the weekend when the federal government came in to guarantee depositors’ funds in the two banks.
Silvergate Capital, which is a cryptocurrency central lender, announced on Wednesday that it is closing its operations and liquidating. The Silicon Valley Bank, a lender to most technology startups, crashed on Friday after depositors panicked and cashed out more than $42 billion after the bank announced…
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