The 24-hour period from March 9 to March 10 saw two significant bank closures. Both were in California with each serving specific customers. Unfortunately, both resulted from a departure from banking fundamentals. And their closures brought with them broader implications for the economy. First was Silvergate Bank, located in San Diego. It was one of the two primary banks for cryptocurrency. A “run” by depositors on the bank caused it to close the doors and liquidate the institution. The unraveling of FTX, the bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund, was the beginning of the...

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