Good morning Asia, here's what's making news today: 1. Bitcoin rebounds above $22.5K after Federal regulators vow to protect Silicon Valley Bank customers. 2. SIVB's collapse shows the weaknesses of small US banks. TheSamReynolds and JPRubin23 report
After a nerve-wracking Thursday and Friday, crypto investors took heart over the weekend from a decision by Federal regulators to restore all deposits at failed Silicon Valley Bank in full and an announcement by fintech Circle to cover any of its stablecoin USDC reserves.
In a joint statement on Sunday, U.S. Treasury Secretary Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg,after weighing FDIC and Federal Reserve recommendations and consulting with U.S. President Joe Biden, Yellen had"approved actions enabling the FDIC to complete actions in a manner that fully protects all depositors" at SIVB.
Mark Connors, head of research at crypto asset manager 3iQ, called the agencies action"risk asset friendly at first blush" in a weekly report, although he noted warily,"Too many moving parts and M2 [monetary aggregate of currency and coins, savings deposits and shares in mutual money market funds] STILL contracting."
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