According to ChainCatcher, as reported by Cointelegraph, BitMEX co-founder and former CEO Arthur Hayes stated at the 2023 Korea Blockchain Week that Bitcoin has been in a bull market for the past six months, but the market has not yet reacted. He estimates that it will respond within 6 to 12 months.Hayes believes that this round of Bitcoin bull market began on March 10, the day Silicon Valley Bank (SVB) was taken over by the Federal Deposit Insurance Corporation (FDIC). To prevent further collapse in the banking sector, the Federal Reserve established the Bank Term Funding Program (BTFP), offering bank loans for up to one year in exchange for them submitting "eligible assets" as collateral. Hayes noted that since then, the price of Bitcoin has been rising, currently up about 26%, which is why he claims the bull market started that day.

ChainCatcher news, documents provided by the Federal Deposit Insurance Corporation (FDIC) show that companies such as Circle and Sequoia Capital are among the top ten depositors of the now-bankrupt Silicon Valley Bank, with Circle holding approximately $3.3 billion in deposits and Sequoia Capital holding about $1 billion. Other major depositors include Silicon Valley Bank itself, SVB Financial Group, biotechnology research company Altos Labs, and Chinese recruitment platform Kanjun Limited.It has been reported that these companies have received billions of dollars in deposit insurance. Following the collapse of Silicon Valley Bank, the Federal Reserve announced a partnership with the FDIC to protect the interests of both insured and uninsured depositors. (Bloomberg)

ChainCatcher news, according to a report by The Wall Street Journal citing informed sources, the Federal Reserve and the Securities and Exchange Commission (SEC) are investigating Goldman Sachs. According to insiders, financing was conducted before the collapse of Silicon Valley Bank, and Goldman Sachs played a role in purchasing the securities portfolio of Silicon Valley Bank.As part of the SVB investigation, the Department of Justice has also issued a subpoena to Goldman Sachs. Insiders indicate that the investigation into Goldman Sachs is part of the ongoing investigation by the SEC and the Department of Justice into the collapse of SVB. The Federal Reserve and the SEC are seeking documents related to Goldman Sachs' role as a buyer of the securities portfolio and as a financing advisor to SVB, and are examining whether Goldman Sachs' investment banking and trading departments had improper communications regarding the sale of the portfolio. (The Wall Street Journal)

ChainCatcher message, Berkshire Hathaway CEO Buffett stated that if the deposits of Silicon Valley Bank are not guaranteed, it will have catastrophic effects. It is unimaginable that anyone would allow the U.S. to not raise the debt ceiling and risk defaulting, which could destroy the global financial system. (Source link)

ChainCatcher message, Musk stated on social media: "The Fed's data is too lagging, a mild recession has already arrived. It's not just the canary in the coal mine (Silicon Valley Bank) that has died, but a staunch miner (Credit Suisse) has also perished, and the graveyard will soon be filled! Further rate hikes will trigger a severe economic recession. Remember my words." (source link)

ChainCatcher news, Jin10 reports, the Federal Reserve stated that the collapse of Silicon Valley Bank was attributed to poor management and inadequate regulation, and it will consider improving liquidity and capital requirements. (Source link)

ChainCatcher news, Silicon Valley Bank Financial Group announced that its CEO Gregory Becker and CFO Daniel Beck have resigned this week. Becker will serve as a company advisor "as needed" without any compensation.Additionally, the group is exploring strategic options for its subsidiaries SVB Capital and SVB Securities.Silicon Valley Bank was sold to First Citizens BancShares Inc. by regulators last month. Becker joined Silicon Valley Bank in 1993 and was appointed CEO in 2011. Beck was appointed CFO in 2017, and Nicholas Grossi will temporarily take over his position. (Bloomberg)

ChainCatcher news, according to The Wall Street Journal, the Federal Reserve is rethinking a loophole that masked losses on Silicon Valley Bank's securities; there is a loophole that allows some mid-sized bankers to effectively conceal losses on their securities holdings, and the Federal Reserve may close this loophole. (source link)

ChainCatcher news, according to sources, Silicon Valley Bank's Chief Audit Officer and Chief Risk Officer Kim Olson, who has only been in the position for three months, will be leaving. Additionally, HSBC USA announced that it has hired 40 bankers from SVB to help build new products "dedicated to the innovation economy." The bank has recruited senior SVB talent, including Chief Business Development Officer Sunita Patel, Head of Life Sciences and Healthcare Katherine Andersen, Head of Technology and Healthcare Banking David Sabow, and Head of Technology Credit Solutions Melissa Stepanis. (source link)

ChainCatcher news, according to Bloomberg, U.S. Senator Elizabeth Warren of Massachusetts and U.S. Representative Alexandria Ocasio-Cortez of New York sent a letter on Sunday to the 14 largest depositors of Silicon Valley Bank, expressing concerns about the bank's relationships with certain venture capitalists and technology company founders. The companies that received this letter include USDC issuer Circle Internet Financial, crypto lending platform BlockFi Inc., metaverse platform Roblox, and others from various industries.It is reported that the two Democrats requested these companies to explain the duration of their relationship with the bank and the amount of their deposits at the bank, and also inquired whether any members of the Silicon Valley Bank board, executives, or investors received special benefits from the bank, such as credit lines. (source link)

ChainCatcher news, Silicon Valley Bank has filed for bankruptcy under Chapter 11 in New York.

ChainCatcher news, informed sources reveal that KKR, Ares Management, and Carlyle Group are reviewing Silicon Valley Bank's $74 billion loan book to find assets that may fit their credit portfolios for acquisition. Additionally, Apollo Global Management may assist some top venture capital firms that are considering reviving parts of the bank's client-facing business.Previously, it was reported that Apollo Global Management and Blackstone were interested in acquiring some of Silicon Valley Bank's assets. (source link)

ChainCatcher news, according to data from The Block, since last Friday, USDC redemptions have reached $6.2 billion, with minting at $1.66 billion, resulting in a net redemption of slightly over $4.5 billion.The Block Research's head of research, Steven Zhang, stated that despite Circle initiating redemptions and assuring that they will be backed by reserves, USDC holders still seem to feel nervous about the current environment. Given that Circle holds cash reserves in many other banks, a bank run similar to that of Silicon Valley Bank could lead to USDC becoming unpegged again. (source link)

ChainCatcher news, according to CNBC, Silicon Valley Bank executives and directors have cashed out a total of $84 million in stock over the past two years, raising new questions about insider stock sales at the bank.Silicon Valley Bank CEO Greg Becker sold nearly $29.5 million in stock over the past two years, selling $3.6 million worth of stock on February 27, just days before the bank disclosed a massive loss, leading to a decline and collapse in its stock price.Other executives at Silicon Valley Bank, including Chief Marketing Officer Michelle Draper, Chief Financial Officer Daniel Beck, and Chief Operating Officer Philip Cox, have also sold millions of dollars in stock since 2021. According to data from Smart Insider, Silicon Valley Bank executives and directors have cashed out a total of $84 million in stock over the past two years. (source link)

ChainCatcher news, Michael S. Barr, former advisor to Ripple and current Vice Chair for Supervision at the Federal Reserve, has been appointed by the Federal Reserve Board as the head of oversight and regulatory review for the Silicon Valley Bank case. Michael S. Barr will be responsible for a thorough and comprehensive review of the oversight and regulatory approach to the failed bank, with the results to be publicly released by May 1. (source link)

ChainCatcher news, according to CoinDesk, after the collapse of Silicon Valley Bank, Signature Bank, and Silvergate, Digital Currency Group (DCG) is trying to find new banking partners for its portfolio companies. DCG stated that Santander Bank (SAN), HSBC (HSBA), Deutsche Bank (DB), BankProv, Bridge Bank, Mercury, Multis, and Series Financial are still willing to engage with crypto companies.It is reported that these banks may restrict certain services for cryptocurrency companies, such as brokerage and money market services, as well as the ability to remit to third parties. Traditional banks may be willing to set up bank accounts for cryptocurrency companies but will impose restrictions based on the level of exposure to cryptocurrencies. (Source link)

ChainCatcher news, Michael Barr, the Vice Chairman of the Federal Reserve responsible for bank supervision, issued a statement on Monday announcing a thorough investigation into the rapid collapse of Silicon Valley Bank (SVB), with a six-week investigation period, and results to be published on May 1.It is reported that Barr previously served as a U.S. Treasury official and briefly worked as an advisor for Ripple. Earlier on Monday, President Biden stated that he would call on Congress and federal regulators to strengthen oversight of the banking industry. (CoinDesk)

ChainCatcher news, according to informed sources, Silicon Valley Bank (SVB) was first auctioned off on Sunday afternoon but ultimately failed, and the Federal Deposit Insurance Corporation (FDIC) is planning to attempt the auction again. According to the Wall Street Journal, regulators have designated SVB's failure as a potential threat to the financial system, thereby providing the FDIC with more options for selling the company, such as offering insurance to depositors above the $250,000 insurance limit and providing better terms.Previous report, the FDIC took over SVB last Friday and initiated the auction process, with final bids set to close on Sunday afternoon local time. (CoinDesk)

ChainCatcher news, according to the South China Morning Post citing informed sources, the Chinese subsidiary of Silicon Valley Bank may be taken over by its partner Shanghai Pudong Development Bank. Sources say that Pudong Development Bank may buy out the 50% stake in the joint venture held by Silicon Valley Bank, or allow another foreign investor to acquire Silicon Valley Bank's Chinese subsidiary. An official who wished to remain anonymous stated that after the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank, the Shanghai municipal government and the Banking Regulatory Commission held an emergency meeting over the weekend.