FDIC bidding for Silicon Valley Bank is in progress: Report

The United States Federal Deposit Insurance Corporation (FIDC) started an auction process on March 11 night for Silicon Valley Bank, Bloomberg reported citing unnamed sources. Bids are allegedly open for just a few hours, before the process closes later this Sunday. 

According to Bloomberg sources, the FDIC is seeking a buyer for the California bank over the weekend, ahead of the markets open on March 13. However, a final decision has not been made, and a deal may not be reached.

Earlier today, the U.S. Treasury Secretary Janet Yellen said during an interview that she is working with regulators to address the Silicon Valley Bank collapse and protect investors, but is not considering a major bailout. She noted that regulators “want to make sure that the troubles that exist at one bank don’t create contagion to others that are sound.”

Trading platform in bankruptcy cases Cherokee Acquisition told the Financial Times that some clients are offered between 55 cents and 65 cents per dollar for their unsecured deposits. A second source said other customers received offers of 70 to 75 cents per dollar for deposits held at the bank.

This is a developing story, and further information will be added as it becomes available.

All Dutch and English crypto news!

a16z snubs crypto, Mango Markets exploiter found guilty and Worldcoin launches blockchain network: Hodler’s Digest, April 14-20

Top Stories This Week Grayscale spot Bitcoin ETF ‘halves’ before BTC halving Major Bitcoin investor Grayscale Investments saw its spot BTC exchange-traded fund (ETF) holdings drop 50%...

4 crypto underdogs that could be ready to shine in the bull run

TLDR The Ethena (ENA) price is predicted to bounce back above $1.50. The Celestia (TIA) token is predicted to rise again and trade above $15. Experts predict that...

Analyse: Bitcoin koers beweegt nauwelijks na halving, blijft dit zo?

Bitcoin heeft vannacht de halving gehad. Dit betekent dat het aantal Bitcoin dat in omloop komt, vannacht gehalveerd werd. Dit heeft op de langere termijn...

Bitcoin transactiekosten bereiken voor het eerst de $100, verkoopgolf onderweg? 

Bitcoin (BTC) heeft een nieuwe mijlpaal bereikt, waarvan je je kunt afvragen of dit iets is wat we graag willen vieren. De gemiddelde transactiekosten zijn...

Beste exchanges

Koop je crypto bij Bitvavo