BTC, USDC is increasing after the government's promise to save all Silicon Valley Bank savers

BTC, USDC is increasing after the government's promise to save all Silicon Valley Bank savers

The largest financial supervisory authorities of the US government published a joint declaration on Sunday, in which they promise to save every last insert at Silicon Valley Bank (SVB)-also those who are not fully covered by the federal government's standard deposit insurance.

In response to the news, both Bitcoin and USDC quickly return to their price levels before the bank's collapse.

• The Federal Reserve, the Ministry of Finance and the Federal Deposit Insurance Corporation together announced Monday, March 13th, can access his money. Taxpayers will bear the costs as part of the resolution.
• Conversely, shareholders and "certain unsecured creditors" are not protected. The management was also relieved of their function.

• "This step will ensure that the US banking system continues to fulfill its important role in the protection of deposits and the provision of access to households and companies in a way that promotes strong and sustainable economic growth," says the explanation.
• The government asked the government at the weekend to contain the infection failure of the SVB to Mark Kubaner . The StableCoin-Mittent Circle-the USDC reserves in the amount of $ 3.3 billion in the company-demanded similar measures.
• Jeremy Allaire, CEO from Circle, has confirmed The former SVB reserves are now transferred to BNY Melon. "The liquidity operations for USDC will be resumed for banking tomorrow morning," he added.
• USDC is now being traded for $ 0.9943, almost back to his intended 1 dollar peg price after he lost Style = "Font-Weight: 400"> His commitment in SVB.
• Bitcoin pumped in view of the news and is now over $ 22,000.