The collapse of yet another crypto-friendly bank, Signature Bank, has led to fears of a major banking crisis. Despite reassurances from Treasury Secretary Janet Yellen, shares of major US banks fell sharply on Wall Street. President Joe Biden’s speech on the situation failed to calm the markets. The collapse of Silvergate Capital and Silicon Valley Bank before the weekend has also hit the crypto industry hard, with the former being known as one of the most crypto-friendly banks in the US. Signature’s closure has been seen by some as a targeted move against the sector, leading venture capitalist Nic Carter to describe it as a “decapitation” of the crypto industry. Despite this, Bitcoin has seen strong gains, rising by 16% in the past 24 hours, possibly due to depositors seeking safety from failing banks.
