Signature Bank had relationships with Coinbase and Circle.

As the crypto industry gets more and more walled off from the financial system, the closing of Signature Bank, a lender that had several crypto firms among its clients, represents another significant blow for digital assets.

According to the Treasury Department, New York state regulators ordered the closure of Signature Bank on Sunday, and depositors will have access to their money starting on Monday.

The shutdown comes days after the collapse of SVB and Silvergate.

The closure followed the simultaneous failures of Silicon Valley Bank and Silvergate Capital Inc., two of the friendliest financial institutions in the country.

While U.S. regulators took action to protect depositors’ savings following the failure of Silicon Valley Bank, the price of digital assets increased on Monday along with U.S. stock futures, generating new funding and enhancing investor sentiment.

The price of bitcoin is up approximately 5% as of Monday morning’s opening in Singapore, trading at $22,530. Ethereum is up more than 3%, making it the second-largest cryptocurrency by market cap.

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