Before Silicon Valley Bank, $SIVB, failed, Unusual Whales claims that the CEO had sold $3.57 million worth of stock in the previous two weeks.
With $210 billion in assets, Silicon Valley is the 16th-largest bank in the United States. The stock price of $SIVB was 60% lower prior to the US authorities issuing the closure and forfeiture orders.
Greg Becker, the CEO of Silicon Valley Bank, issued a statement on Thursday afternoon in an effort to reassure investors and business owners. When the market opened at 9:30 a.m., the company did not trade since its stock had dropped 62% in pre market trading.
According to CNBC, the bank is reportedly in discussions to sell itself after failing to successfully raise cash. The bank also employs a paid expert to determine whether a transaction is feasible. All those initiatives fell short.
Also, in the two weeks prior to Silicon Valley Bank’s, $SIVB, collapse, the CEO sold $3.57 million worth of shares.
Meanwhile, since at least February 15th, the flow on $SIVB has been decreasing. SIVB has fallen as a result of 100% bearish warnings.
Look instead at the announcements that have been posted in the previous ten days. There will be a lot of open deals and primarily bearish traders (e.g: new positions).
Since today, traders have left their positions. In three days, this trader profited almost 2000%.
However, according to CNBC, nearly 95% of Silicon Valley Bank accounts were uninsured FIDC as of December. According to Bloomberg, Silicon Valley banks are connected to nearly half of all US businesses receiving venture capital funding.
The government now has control over SIVB. Regulatory authorities have closed Silicon Valley Bank ($SIVB), and they are now in charge of the bank’s deposits, according to a statement provided by the Federal Deposit Insurance Corporation.
The stablecoin market has had a string of peg losses to the $1 level as a result of these bad news reports. The hardest hit was that investors hurried to switch from USDC to USDT when it became impossible to convert directly to USD, causing the price of USDC/USDT on Coinbase to drop to $0.9364. Since the stablecoin’s creation in 2018, this price level has been the lowest.
