Silicon Valley Bank's Parent Company Files for Bankruptcy, Bitcoin Rallies.

Bitcoin and other cryptocurrencies have rallied as Silicon Valley Bank's former parent company filed for Chapter 11 bankruptcy and stocks dipped amid fears of a banking crisis. The stock market isn't moving in tandem with cryptocurrencies, as U.S. equities and bank shares slid due to fears of a potential banking crisis. The Federal Deposit Insurance Corporation denying reports that prospective purchasers of Signature Bank would have to stop doing business with crypto sparked investor confidence in digital assets.