Bitcoin rises about 14% in 7-day span as US banking system wobbles
To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at 12 p.m. PT, subscribe here. Welcome back to Chain Reaction. It’s been an insanely busy and chaotic past seven days. Unless you live under a rock, you probably know what I’m talking about. But for those who don’t (or just want a recap), let’s get into it. Last week, a few massive U.S. banks made headlines. Signature Bank, a crypto-friendly New York regional bank, was closed by regulators due to systemic risk that could threaten the U.S. banking system. This closure came just days after Silicon Valley Bank crashed and Silvergate Capital wound down its operations. Signature, known as one of the largest crypto lenders, was the second casualty from the ongoing banking crisis in the U.S., but regulators said that its customers will be made whole, meaning the government is stepping in to protect the economy from further damage. For reference, Signature Bank had 40 branches across New York, California, Connecticut, North Carolina and Nevada. …