Silicon Valley Bank ablaze: Joe Biden will do ‘whatever is necessary’

Silicon Valley Bank ablaze: Joe Biden will do 'whatever is necessary'

While American banks are in trouble, the US President Joe Biden spoke today, March 13, about the banking crisis threatening the country.


Joe Biden facing the American banking crisis

The regulation has put in place emergency measures this weekend, making it possible to save the furniture for the American banks. However, awaited by all, the opening of the banks this Monday, across the Atlantic, is already starting to make ink flow.

In effect, bank stocks suffered a sharp decline:

  • First Republic Bank fell 65.1%;
  • the Western Alliance Bancorp suffered a drop of 75.9%;
  • Charles Schwab loses 19%.

The big American banks are no exception: JP Morgan Chase, Morgan Stanley and the Bank of America have also seen their share prices fall. In this sense, Joe Biden wished to reassure Investors :

“Americans can be sure that the banking system is safe. Your deposits will be there when you need them.”

While a sense of contagion worries the world of traditional finance, and even though Circle’s USDC saw some heckling over the weekend, note the solidity of Bitcoin which in the face of this banking disaster continues to be resilient.

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