The U.S. economy experienced an interesting year in 2023, marked by unprecedented upheaval within the American banking sector due to the combined collapse of three major banks, the largest the nation has historically seen. Amidst this chaos, crypto assets such as bitcoin demonstrated remarkable resilience, even capitalizing on the banking sector’s misfortunes. Concurrently, other repercussions unfolded, including the de-pegging of the second-largest stablecoin, managed by Circle, following the disclosure of difficulties in retrieving $3.3 billion from the now-insolvent Silicon Valley Bank (SVB).
The Triple Shock of U.S. History’s Largest Bank Failures
In 2023, the U.S. witnessed the second, third, and fourth largest bank failures in its history, culminating in the failure of four significant institutions: Silvergate Bank, Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank. The cascade of collapses began with Silvergate Bank, which set off a chain reaction with its v
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