Crypto News: Tesla CEO Elon Musk shared his views on the ongoing crisis surrounding the bank failures. This comes amid heavy criticism on the manner in which banks are handled by regulators. The failure of Silicon Valley Bank and Signature Bank in the United States and the latest emergency merger deal involving Credit Suisse and UBS Group led to massive drop in value for bank stocks across markets. Meanwhile, the crypto market took an inverse correlation to the macro behavior dominated by the news of bank crisis.
Also Read: FDIC Delays SVB Bidding As Banking Crisis Continues, Bitcoin Price To $30K?
Meanwhile, the Federal Deposit Insurance Corp (FDIC) is refining the bidding process for acquisition of Silicon Valley Bank (SVB), which is now operating as a nationally chartered bank. The Credit Suisse UBS merger news brought shares of banks and bonds down on Monday, as the deal effectively made $17 billion worth of Credit Suisse bonds written down, bringing huge losses to investors in the risky bonds.
Elon Musk – His View Of FTX Collapse
In his latest Twitter post, Musk placed failed crypto exchange FTX among the likes of Lehman Brothers, Credit Suisse and Silicon Valley Bank. This indicates his view on the catastrophic effect left by the Sam Bankman-Fried company collapse. The billionaire is not only famous for his links with memecoin Dogecoin (DOGE) in the crypto world, but is known for close ties with Binance CEO CZ. This was confirmed after it was disclosed that the crypto exchange acquired an equity in the Twitter platform.
— Elon Musk (@elonmusk) March 20, 2023
Also Read: FTX Sues Bahamian Liquidators Over Affiliate Company; Calls It “Fraudulent Enterprise”
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