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The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, US President Joe Biden assured that no American taxpayer would feel the burn as the federal government takes action to protect the affected depositors.

Binance is scrambling to find a new service partner to process British Pound (GBP) transfers on its trading platform after its current partner, Skrill Limited announced it will soon cease providing services to the crypto exchange. 

Silvergate Capital Corp. and Signature Bank — have set off a fresh set of stresses. SVB’s failure triggered a knock-on effect in the crucial market for stablecoins after digital-asset giant Circle Internet Financial Corp., one of the biggest issuers of the widely used tokens known for their perceived safety, revealed it had $3.3 billion of reserves with the bank. The news caused Circle’s token, USD Coin, to slip below its intended 1-for-1 peg with the dollar, sending a shock through the market. On Sunday, regulators in New York closed Signature Bank. As of March 8, the bank still held $16.5 billion in crypto-related deposits. “All depositors of this institution will be made whole,” the regulators said. Against this backdrop, it is still the shutdown of crypto-friendly bank Silvergate — and the shuttering of its electronic payments platform, the Silvergate Exchange Network — that is most weighing on the market.

Silicon Valley Bank (SVB) could be returning to the auction block with United States regulators taking a second attempt at finding a buyer for the now-collapsed bank. 

The United States Justice Department is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin which contributed to a $40 billion wipe out in the Terra ecosystem last May.

Crypto mining firm Marathon Digital Holdings has assured investors that the firm's cash deposits at Signature Bank are secure and available for use as of Mar. 13.

Caroline Hill, the director of global policy and regulatory strategy for stablecoin issuer Circle, has placed some of the blame from the recent collapse of banks tied to crypto on traditional financial institutions rather than digital assets.

On Mar. 13, American derivatives marketplace CME announced the launch of Bitcoin (BTC) futures event contracts. The exchange, which is fully regulated and has cleared administrative review, will henceforth facilitate cash-settled, daily expiring contracts tied to Bitcoin futures with a "lower-cost way for investors to trade their views on the up or down price moves of bitcoin." Tim McCourt, global head of equity and FX products at CME Group, commented:

Banks saw their share prices take a rollercoaster ride over the weekend and into March 13. Trading was temporarily halted for dozens of United States regional banks amid volatility and falling prices. 

According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg reported.

US-based cryptocurrency exchange Coinbase announced the suspension of trading for the Binance  USD (BUSD) stablecoin on March 13 via Twitter. 

Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company.

Cryptocurrency investment products lost 10% of assets under management last week as institutional investors rushed for the exit during the latest episode of market volatility prompted by the Silvergate and Silicon Valley Bank collapses.

According to a March 13 tweet by Okcoin CEO Hong Fang, the U.S. affiliate of cryptocurrency exchange OKX had no exposure to defunct U.S. tech bank Silicon Valley Bank (SVB). However, Fong stated that Okcoin’s U.S. dollar wire and ACH deposits have been “immediately paused” due to the regulatory intervention in Signature Bank, Okcoin’s primary partner for customer transactions in dollars. 

According to Web 3.0 analytics platform Watchers (0xscope), a total of 314.167 million USD Coin (USDC) has been sent by its issuer, Circle, to the Ethereum null address with header 0x00 on Mar. 13. The null address is typically used to remove tokens from circulation via one-way transactions. 

Silicon Valley Bank (SVB) has suffered a significant fall from grace following half a decade of being rated as one of the best banks in the United States.

Circle has revealed that Cross River Bank — recognized for its services to fintech and crypto firms like Visa and Coinbase — is now its new commercial banking partner for producing and redeeming USD Coin (USDC).

Global banking giant HSBC Holdings is coming to rescue the United Kingdom-based branch of the collapsed Silicon Valley Bank with a new acquisition.

Over the last year, a series of court cases have struck the crypto industry. Bankruptcy, liquidity issues and fraud have caused the industry to fall under the microscope of regulators around the world.

Japanese automotive brand Nissan has become the latest car manufacturer to ramp up its Web3 efforts, filing four new Web3-related trademarks filed in the United States, while its Japan unit is experimenting with auto sales in the metaverse.

Crypto exchange Coinbase, crypto lender Celsius and stablecoin issuer Paxos are among the crypto firms with funds reportedly tied up with the now-shuttered Signature Bank.