Why is Crypto pumping after Silicon Valley Bank failed?

Last week three US banks collapsed – Silcon Valley Bank, Silvergate and Signature. They had a common denominator: Crypto

Silicon Valley Bank held large reserves that back Circles stablecoin USDC

Over 90% of Silvergate’s deposits were from crypto-related firms, including Coinbase, Kraken, Gemini, and the bankrupt FTX.

Signature Bank was one of the few institutions that had opened its doors to taking crypto deposits.

Find out why cryptos didn’t plummet after these insolvencies.