Banks halted on exchanges, Silicon Valley Bank now closed by California regulators

quick take

• While down 30% over the past five days, the undersigned bank has halted after dropping a record 22%.
• Other banks have been suspended, including First Republic and SIVB.
• SIVB down 60%. Together, these three banks hold approximately $500 billion in deposits.
• SIVB’s fundraising has been unsuccessful so far, with deposit outflows outpacing the sale process.
• SVIB has been closed by California Regulators
• First Republic Despite announcing a $125 million capital increase, the stock continues to plummet.
• Two-year Treasury yields have fallen 45bps from yesterday’s highs, the biggest two-day drop since Lehman (2008).

Silicon Valley Bank, now shut down by regulators in California, was the first to appear on CryptoSlate after the bank halted on the exchange.