🚨 Breaking: FDIC to Make Good All Deposits at Silicon Valley Bank and Signature Bank

#svbcollapse #siliconvalley #bank

FomoCast Tonight: Silicon Valley Bank News.

Signature Bank has been closed by U.S. regulators. New York Department of Financial Services (DFS) has taken possession of the bank in order to protect depositors. This is the second bank in the United States that has collapsed in the last three days. Second bank closure in 3 days. What will happen tomorrow, Monday March 13th when the Stock Market opens and banks begin normal business hours? Is a bank run imminent? What would happen if a bank run occurs? Banks do not hold all of their depositors money on hand because they do not expect a large portion of their customers to try and withdrawal at any given time. Sometimes this can lead to less then 10% of ALL funds on hand. After the recent closures of these large banks (Silicon Valley Bank 2nd largest closure in US history) customers are worried and may line up on Monday morning to withdrawal whatever funds they have available. FDIC insurance only ensures up to $250,000 per account. Many large accounts are owned by small businesses which rely on the funds to pay employees and keep daily operations going. When they money is not available, they will have to close their doors. Friday we saw Silicon Valley Bank close its doors and call the police to thwart off any potential problems that may arise by angry customers who can no longer access their funds.

Also, Tether USDT has skyrocketed in the face of USDC falling over 10% of its stable coin value against the USD. Circle has admitted that at least $3.3 billion was secured in Silicon Valley Bank. While we wait to see what the FED does on money, their announcement of how much money will be available will determine what happens to this once very secure stable coin.

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