On Saturday, the cryptocurrency crisis intensified as a result of Silicon Valley Bank's failure, causing disruption to the stablecoin market and leading to a surge in gas fees as investors attempted to transfer funds following the bank's closure due to its connections with crypto.
This was the second crypto-related bank to collapse that week. The aftermath prompted a meeting between top financial regulators, led by Treasury Secretary Janet Yellen, to discuss the situation. The recent turmoil in the crypto market has led to concerns that the ongoing bear market may worsen, drawing parallels to the 2008 global financial crisis.
As crypto lacks a central bank to provide a bailout, the question remains as to how the crisis will be resolved.