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Over the past week, two large American banks have collapsed at once - Silvergate and Silicon Valley Bank. Soon a third, Signature Bank, joined them. The collapse of Silvergate caused panic in the crypto market, and the bankruptcy of SVB became the second largest in the history of commercial banks in the United States and led to a powerful sale of bank shares. What happened to them, why do their problems have the same roots and what long-term consequences can markets now expect?

Silvergate: a bank for the crypto industry

Silvergate began as a traditional bank specializing in retail deposits and lending to the commercial real estate sector - but radically changed the business model in 2014, starting to work with the crypto industry. As a result, Silvergate's portfolio turned out to be almost entirely formed from deposits of crypto companies.

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