Latest Crypto News: Silicon Valley Bank Collapse Sends USDC Stablecoins In A Tailspin, Elon Musk Mulls Buying SVB
As the Silicon Valley Bank (SVB) collapsed, the cryptocurrency crisis deepened early on Saturday as investors scrambled to move their money around. It is the second crypto-linked bank to collapse this week.
The stablecoin prices swung wildly up and down after the US regulators shut down SVB on Friday. Gas fees paid to network validators for blockchain services also increased.
Meanwhile, the US Treasury Secretary, Janet Yellen, has convened a meeting of top financial regulators to discuss the collapse. CoinDesk reported that the latest crisis plunged the market into a more severe bearish phase.
Elon Musk, CEO of Twitter, has indicated that he is open to acquiring and transforming the Silicon Valley Bank into a digital bank.
Min-Liang Tan, co-founder and CEO of Razer, tweeted, “I think Twitter should buy SVB and become a digital bank.” “I’m open to the idea,” Musk replied on Twitter.
Last year, the billionaire entrepreneur acquired Twitter for $44 billion. Musk’s remarks regarding the SVB crisis and his earlier interest in creating a payment platform on Twitter have led many to believe that his tweet may be serious.
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