Interesting and worrying. The report on Silicon Valley didn't highlight a cryptocurrency angle but given the name....
ETA - Given the similarity in names and closeness in timing, I wonder if there was an effect in confidence.
Both banks collapsed because of the government bond problems but they got into a position where the government bond situation mattered for different reasons. Silvergate provided banking services to cryptocurrency exchanges and were put under pressure because people lost faith in cryptocurrency exchanges and started taking their money out. The exchanges were keeping their money on deposit in Silvergate, so they were taking money out of their deposit accounts in that bank. Silvergate then had to start selling bonds to meet the US government's capitalisation laws.
There probably will be other similar bankruptcies caused by government bonds being devalued due to high interest rates but the trigger may be different in each case.
