It’s a black week for the American financial system: In just 48 hours, the banking sector has been shaken by the collapse of two major banks.

Most worrying is that these banks served two so-called growth economic sectors: the tech sector and the cryptocurrency industry.

SVB Financial Group,  (SIVB) – Get Free Report the lender to Silicon Valley startups, failed on March 10, falling into the hands of the FDIC. The federal agency has taken control of the banking company, reviving the ghosts of the 2008 financial crisis.

“Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as the receiver,” the federal agency said in a news release.

“All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds.”

It added that it may pay a dividend to uninsured depositors as it sells the assets of SVB   (SIVB) – Get Free Report.

The FDIC is a guarantor for bank depositors.