“While the SVB news is concerning, particularly as rising interest rates have put downward pressure on equity and bond price valuations, the potential for a broader US disruption or the The global financial system appears contained. SVB, for example, had about $200 billion in domestic assets, versus $19.8 trillion in the general US banking system, putting it at about 1% of the system in overall,” said analysts at Edward Jones.
Bitcoin falls 11.5% on the week
Cryptocurrencies have shown great resilience during this year’s rally, but the last 24 hours have been a step too far as they have gone back into free fall. Bitcoin ended this Friday at a price of $19,897.7 per crypto, with a negative variation compared to Friday’s price of 11.5%.
“Initially (bitcoin) broke below 22,000 yesterday and now it looks as if 20,000 is breaking down as well. to bitcoin by more than 10% since yesterday’s open. A testing weekend ahead,” said Craig Erlam, Senior Market Analyst, UK & EMEA at OANDA.
With information from Reuters