The bonds had lost significant value as market interest rates rose after the bank had shifted its portfolio to longer-maturity bonds. Silicon Valley Bank failed when a bank run was triggered after it sold its Treasury bond portfolio at a large loss, causing depositor concerns about the bank's liquidity. Silvergate Bank and Signature Bank, both with significant exposure to cryptocurrency, failed in the midst of turbulence in that market. banks failed, triggering a sharp decline in global bank stock prices and swift response by regulators to prevent potential global contagion. Over the course of five days in March 2023, three small- to mid-size U.S.
Normal yield curve began inverting in July 2022, causing short-term Treasury rates to exceed long-term rates
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