Silicon Valley Bank Collapse Sparks Market Drop

Silicon Valley Bank Collapse Sparks Market Drop [2023]

Silicon Valley Bank

[{"selector":"#anim-553ef7d1-2b56-4b75-a374-744aca7f4ec0","keyframes":{"transform":["translate3d(-116.82848%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-7353c469-5ceb-40f7-8580-c94d328f3d6f","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] [{"selector":"#anim-1e4559e0-ae28-48bc-9f52-da37dc6e1922","keyframes":{"transform":["translate3d(-116.82848%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-baa9bb39-88a5-4f3c-a7fa-4f88038a7b0d","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] [{"selector":"#anim-7b908e80-400e-4ef2-97d9-d141221fc2ee [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 1.9698614836435559e-7%) scale(0.6688741721854304)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

The closure of the bank is believed to be the biggest retail banking failure since the 2008 financial crisis.

[{"selector":"#anim-121ad33a-40cd-4e66-bf09-3a5025ce694f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 1.9698614836435559e-7%) scale(0.6688741721854304)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-3faf8021-49d8-47b6-929f-ca2d6113bd61","keyframes":{"transform":["translate3d(-116.50485%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-1a9d4a4c-2ac0-486f-81c6-74a2c586a6c5","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

The FDIC has taken control of nearly $175 billion in customer deposits and created a new bank, the National Bank of Santa Clara, to hold SVB's assets.

[{"selector":"#anim-313117cb-4ce8-4167-86aa-314bb639553f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 1.9698614836435559e-7%) scale(0.6688741721854304)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-b84e36f0-bcad-4d22-8f31-b64404828751","keyframes":{"transform":["translate3d(-116.50485%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-4d694879-f4d5-4e14-959b-612ad0103a61","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

The FDIC assured depositors that they will have full access to insured deposits when branches reopen on Monday and that old bank checks will be honored.

[{"selector":"#anim-3132fd08-3757-4fc9-b11f-3e3fc7d9e7c9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 1.9698614836435559e-7%) scale(0.6688741721854304)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-7fca9588-259a-4da0-8d82-a9f56caf242a","keyframes":{"transform":["translate3d(-116.50485%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-81a95955-c65e-4cd5-a194-fa1c2efa9958","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

SVB's downfall was caused by a run on deposits and a decrease in startup funding due to the pandemic.

[{"selector":"#anim-3c2903dd-ed0b-47a8-8f84-9801571a9356 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 1.9698614836435559e-7%) scale(0.6688741721854304)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-bd91733f-53f1-45ec-8457-45ce6effaf25","keyframes":{"transform":["translate3d(-116.50485%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-45e13a93-6b91-4e0f-8c14-4e5dfce0992a","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

Since this incident, a significant decline in the global market has been observed. On March 10th, the Dow Jones, NASDAQ, and S&P 500 all fell by over 1%.

[{"selector":"#anim-83a81c3e-fc35-4e74-a7d6-775d76aecdbb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 1.9698614836435559e-7%) scale(0.6688741721854304)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-6c3e6609-d178-44fe-8662-31d32b913143","keyframes":{"transform":["translate3d(-116.50485%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-39119fa1-18ac-4190-b886-d9ef53184c85","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

Thanks for Watching

[{"selector":"#anim-1fec8032-dc6f-48e2-9f23-4fcd0ba9dca2","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]