Also Read: U.S. President Biden Claims Investors Of Affected Banks Will Not Be Bailed Out
Interestingly, both Both Signature Bank and Silicon Valley Bank were the preferred banking partners for many of the venture capital companies that dealt closely with the crypto ecosystem. In fact, USDC issuer Circle was highly impacted by the Silicon Valley Bank collapse as the stablecoin lost its peg to the value of 1 US Dollar.
Bitcoin Whales Make Huge Asset Transfers
In a latest, Bitcoin whales are likely looking to make the most out of the current situation as the BTC price trades just above the $24,000 mark. According to Whale Alert, as many as around 6,000 BTC was transferred in two transactions from unknown wallets to crypto exchange . While one transfer involved 999 BTC, it was followed by a huge 4,999 BTC move almost immediately from a different wallet address.
?? ?? ?? ?? ?? ?? ?? ?? ?? ?? 11,125 (267,956,866 USD) transferred from unknown wallet to https://t.co/Zbbp9EMHyx
— Whale Alert (@whale_alert) March 13, 2023
In yet another such transaction, as much as 11,125 Bitcoin were transferred to Binance. Immediately, the Bitcoin price seems to be showing initial signs of correction, although it is uncertain if it is related to the whale transfers.
Also Read: Cardano Founder Brings Up Crypto Collaterals Amid US Bank Collapse
Earlier, shares of banks like shares of Metropolitan Bank, Regions Financial Corporation, East West Bancorp and Western Alliance Bancorporation were halted for trading amid high volatility in the market.
