Long Queues Seen At Silicon Valley Bank-Owned Boston Private

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	28,337,736,056	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

28,337,736,056

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0065	-1.24%	0.5194	0.5193	0.5195

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0065

-1.24%

0.5194

0.5193

0.5195

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5264	0.5093	0.5257	0.5259	0.399480 - 0.950000

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5264

0.5093

0.5257

0.5259

0.399480 - 0.950000

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:15:21	208.26	0.5194	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:15:21

208.26

0.5194

USD

Price x Volume	Volume	Base Symbol	Related Pairs
17,950,603.79	34,705,615.72	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

17,950,603.79

34,705,615.72

Long Queues Seen At Silicon Valley Bank-Owned Boston Private – A Bank Run?

11/03/2023 1:16pm

NEWSBTC

Long queues have been observed at Boston Private, a banking service provider, that was recently acquired by Silicon Valley Bank (SVB). Bank Run At Boston Private Bank? According to Lawrence Lepard, an investment manager, Boston Private might be currently experiencing a bank run. As of March 11, there were long queues as depositors looked to withdraw their hard-earned cash. Shades of 1930’s. This is my bank in Wellesley this morning. Boston Private Bank, recently acquired by Silicon Valley Bank. Ruh, roh. pic.twitter.com/MAD46ozShx — Lawrence Lepard, "fix the money, fix the world" (@LawrenceLepard) March 10, 2023 In 2021, Boston Private was acquired by SVB for $1 billion. The collapse of SVB has also put USDC, the stablecoin issued by Circle, a consortium of among other companies, under immense pressure. At the time of writing on March 11, USDC had de-pegged, trading at $0.96 to the USD. SVB is one of six banking partners Circle uses for managing around a quarter of its reserves held in cash. While Circle and USDC continue to operate normally, the position of USDC in crypto and the uncertainty surrounding SVB has caused a ripple effect across the market. Related Reading: USDC Is In Trouble, But It Won’t Go To Zero Like UST Did – Here’s Why The Federal Deposit Insurance Corporation (FDIC) has stepped in and is now the receiver at SVB. This move would likely prevent a much larger crisis in what is considered one of the largest bank failures since 2008. All assets held in SVB have now been frozen and can only be accessed by insured depositors. However, uninsured depositors will only be gifted a coupon to access part of their money within the next week. With FDIC as the receiver, many of the bank’s employees would not receive their paychecks if they run their payroll through SVB. The main office and all branches of SVB will reopen on Monday, March 13. The FDIC will pay uninsured depositors an advance dividend within the next week. As the FDIC sells all the bank’s assets, future dividend payments may be made to uninsured depositors. Silicon Valley Bank Had Billions In Assets And Deposits As of December 31, 2022, Silicon Valley Bank had approximately $209 billion in total assets and about $175 billion in total deposits. The amount of deposits in excess of the insurance limits is yet to be determined. The number of uninsured deposits will be determined once the FDIC obtains additional information from the bank and its customers. Related Reading: Bitcoin Rally Fueled By USD Coin (USDC) Rotating Into BTC: Santiment The collapse of SVB is a reminder that the traditional finance system is also very fragile, showing the importance of diversification between fiat and digital assets. It’s worth knowing that while the FDIC has stepped in, less than 3% of users are insured, meaning that most customers, around 97%, may be left holding the bag. Feature Image from Jim Wilson/The New York Times, Chart From TradingView

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