Its hard to avoid the bad news recently if your a crypto fanatic like me. Bitcoin dropping to $20k for first time in weeks and USDC falling lower than we have seen in months. But it all comes from the same origin... bank collapses.

There have been three major bank collapses in the past week and all of them have had some impact on crypto. The first to go was Silvergate a major crypto bank based in San-Diego, shut down on the 9th of march after "winding down" operations since the last quarter of 2022. A major player in its final end was the long running ties with FTX which brought disaster to Silvergate when it imploded late in 2022.

The second bank to go under was Silicon Valley Bank (SVB) this was by far the worst hit to the crypto industry out of the three. The collapse of the bank triggered a cataclysmic shift in the crypto market forcing USDC to almost $0.86 the largest fluctuation from its $1 mark we have seen in years. 

But this wasn't the end... 

In the past 48 hours (At the time of writing) a New York bank by the name Signature Bank has been closed by local Authority in a desperate attempt to stop a repeat of the 2007-2008 financial crisis. But that opens the question, wasn't that what crypto was made for? When the banks were down crypto came out of it. A system by which you dont need to trust the banks to keep your money safe you only have to trust the security of the blockchain.

QUICK DISALIMER!!!

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