The US Treasury Department, Federal Reserve and Federal Deposit Insurance Corps Jointly Announced the Effort to Strengthen Confidence

SBB, the crypto-friendly bank Silvergate Capital and Signature Bank was closed by New York State regulators on Sunday. Authorities say both signatures ensured and uninsured customers will be able to access their deposits today. US Treasury Secretary Janet Gellin says this is a problem caused not by the tech sector but by higher rates. The problems of this bank from reporting about its situation suggest that because we're in a higher interest rate environment, assets that it holds lose market value.