Crypto Acted As Safe Haven Amid SVB and Signature Bank Run: Cathie Wood
Amid all the chaos around multiple bank runs in the United States, Cathie Wood, CEO of asset management firm Ark Invest, said cryptocurrencies acted as safe haven amid the ongoing banking crisis in the US. She blamed the recent downfall of the likes of Silicon Valley Bank (SVB), Signature and others on the Fed’s policy failure.
Crypto Evening Briefing: Crypto-Friendly Signature Bank Probed by U.S. DOJ Before Its Collapse
Signature Bank was reportedly the subject of a probe by the United States Department of Justice earlier this week.
BlackRock’s Fink Says SVB Failure Shows Cracks in Finance System
BlackRock Inc. Chief Executive Officer Larry Fink said the banking crisis could worsen beyond the failure of Silicon Valley Bank, worrying aloud about cracks in the financial system that formed during more than a decade of easy money and low interest rates.
Credit Suisse Shares Drop 24%
Credit Suisse Group AG shares price registered a drop of 24% on Wednesday as the global bank crisis stretches. This comes after Saudi National Bank, Credit Suisse’s biggest investor reportedly said that it is unable to provide any further financial assistance to the struggling bank.
ARK Invest’s Cathie Wood Claims Current Banking Crisis Was Inevitable
Cathie Wood, the founder of ARK Invest, an American investment management firm that invests in disruptive technologies, including exposure to cryptocurrencies, thinks the current banking crisis in the United States was inevitable.
Banking Crisis in U.S. Likely to Push Crypto Firms Offshore
U.S. crypto firms are looking for bank accounts offshore following the collapse of three of the most digital assets friendly financial institutions last week.
