Canadian Politics Today

Signature Bank on Sunday became the latest domino to fall in a reckoning that is expected to have widespread ripple effects not only for banking but for the burgeoning cryptocurrency industry. The New York City-based bank, closed by state regulators, is said to be the third-largest bank failure in U.S. history. Its collapse follows the Friday shutdown of crypto-oriented Silicon Valley Bank, an action that represented the second-largest bank failure after that of Washington Mutual Bank, which fell victim to the 2008 financial crisis.

The failure of both institutions is a blow to the burgeoning but troubled cryptocurrency industry, as the banks served as key on-ramps for customers seeking to convert fiat money to Bitcoin and other crypto coins. They also helped crypto startups looking for financing, observers say. The loss of Silicon Valley Bank, in particular, “will have a wide-ranging impact” on the prospects for cryptocurrency, notes Cliff Gray, a senior associate at the Omaha, Neb.-based consultancy The Strawhecker Group who follows the cryptocurrency business.

But the events of the weekend could have an even deeper impact, observers warn, on the prospects for widespread consumer acceptance of the blockchain technology that lies at the root of cryptocurrency. ‘What the public is seeing is one failure after another,” says Gray, who also points to the bankruptcy in November of the big digital-currency exchange FTX.com and, last week, the collapse of Silvergate Financial Corp., another lender to crypto firms.

Bank failures have nothing to do with blockchain technology! 😂
Tell me you don’t know anything about blockchain technology without telling me that you don’t! 🤣

- Silvergate and Signature were the two main banks for crypto companies, while Silicon Valley Bank had a lot of crypto startups and VCs as customers.

- The failure of the crypto banking trifecta rippled into the stablecoin market over the weekend.

Geez buddy, you know that banks have had failures before crypto even existed right? 😂

Deflect, deflect, deflect! 😂😂😂

you're such a doofusExtraordinaire... again, the linked article reference I posted should have tempered your nonsense and saved you embarassment. As but one of the contributors to the bank failings, with one bank even referred to as the "crypto bank", significant 'crypto asset' holdings were associated with bonds bought at low(er) interest rate returns. When some of the associated customers started drawing down their deposits (as in a "run on the bank"), these banks had to cash in assets at a huge loss... some to the point of collapse/liquidation!

but hey now Shady! When Poilievre was flying high as Bitcoinman, do you think he actually realized that the diversified assets of mainstream banks don't include crypto? Well did he?

Shady, as you've relayed many times over through a myriad of varying thread posts, are your cyrptoSmarts (also, like PeePee) tied to a Youtube education? LOL!

You’re almost ttere buddy!  Interest rates and long term bonds is not blockchain.  It was a valiant effort though!