The stock of Silicon Valley Bank, one of the biggest banks in the US collapsed to 65% before trading was halted. This is the largest ban....
That's some sad news for crypto market. As market is in red mode now maybe this is one of the reason but single bank's failure should not effect the whole banking and finance system either its fintech. no oubt fuds spread out to manipulate alt to make quick money. but i think this incident might have open the eye of mentioned gurus. and they might come to a point accepting btc and blockchain. But until then no doubt both sectors have there own pros and cons with limitations that we are being solved over time and will improvise. but If experts of both sectors come to an agreement that could benefit both than the time of improvising might decrease and payment system might streamline more efficiently. Well i am amazed with the mentality of people who portray banks as only remedy while bank is the one that losses "$100 billion stock market value in two days" haaha. well i think they just ignored that. and will try to find ways to make crypto dirty but literate people know the difference and understand who is responsible for these crisis.
i must say, gurus and expert of finance are only hire by banks to make there decisions more stable and accurate but it does not mean that they will be hundred percent accurate. so i must say they are humans too and can make mistakes by misjudging the potential of cryptocurrency and there own banking system.
CNBC reported the company sought a buyer after being unable to raise capital in a Thursday offering. However, deposit outflows are outpacing the sales process as customers race to withdraw funds, making it difficult for buyers to value the bank and making any potential deal less attractive.
sourceThe real question is what causes these investors or peoples to withdraw there money. like if we take example of ftt then there were fuds all over the internet and we can easily find that out things are crystal clear to understand. but here what caused this hyper shrinking deposit. well that might be the good question. Well if people in crypto trust the infrastructure that much and even in any condition they stand along it by not withdrawing assets/btc from exchanges to fiat. Well the transactional data also helps crypto analysist to mark down the outflow of assets from crypto exchanges to fiat which also act as indicator to make future decision of either holding or holding with patience. But in banking system there is not transactional outflow data provided unless authorities with permissions make it public.
