Strategic acquisition to strengthen banking franchise of HSBC in UK.

Bitcoin (BTC) and ether (ETH) surged 10% in the past 24 hours to retrace all weekend losses after crypto markets plunged following troubles at Silicon Valley Bank (SVB) on Friday night. Bitcoin inched just over $22,500 in Asian morning hours on Monday while ether regained the $1,600 level, as per Coingecko. The move came as USD Coin (USDC)-issuer Circle said Sunday it would cover all shortfall in reserves, while Federal regulators said SVB depositors will have access to all funds on Monday morning after the U.S. open.

The $3.3B USDC reserve deposit held at Silicon Valley Bank, about 8% of the USDC total reserve, will be fully available when U.S. banks open tomorrow morning.

Crypto company Ripple Labs had “some exposure” to Silicon Valley Bank but nonetheless “remains in a strong financial position,” CEO Brad Garlinghouse said in a tweet Sunday.

All depositors in Silicon Valley Bank will be made whole and have access to their funds on Monday, federal banking and finance regulators said in a joint statement Sunday.

Ripple CEO Brad Garlinghouse took to Twitter on Mar. 12 to discuss the company’s exposure to Silicon Valley Bank (SVB) and reassure his followers of Ripple's stability.

USDC nearly regained its peg and cryptocurrencies rallied on the news that all Silicon Valley Bank and Signature Bank deposits will be fully returned to customers.

Hedge funds are offering to buy startups’ deposits stranded at Silicon Valley Bank for as little as 60 cents on the dollar, pitching expensive but crucial lifelines to founders unable to access their cash after the lender collapsed yesterday, people familiar with the matter said.

Silvergate closes as crypto banking concerns spread; Meta is building a decentralized, text-based social network; Biden proposes 30% tax on crypto mining electricity usage; CFTC chair says Ethereum and stablecoins are commodities.

Silicon Valley Bank employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments.