Is Bitcoin’s safe haven narrative back as US banks start to go belly-up?
Bitcoin’s Safe Haven Narrative Re-Emerges Amid US Bank Failures and Rising Gold Prices In the wake of the failure of Silicon Valley Bank and Signature Bank, depositors have been urged to put their money into gold. Although the rise of Bitcoin has been a challenge for the precious metal to maintain its status as a […]
US Fed faces internal probe over Silicon Valley Bank failure
The Federal Reserve is currently facing an internal probe over its supervision and regulation of the now-collapsed Silicon Valley Bank (SVB). This investigation is aimed at identifying the factors that led to the failure of the bank and determining how the Federal Reserve supervised and regulated SVB prior to its collapse. According to an announcement […]
Meta pulling the plug on NFTs across Instagram and Facebook
Meta Pulling the Plug on NFTs Across Instagram and Facebook Meta, the Big Tech firm formerly known as Facebook, recently announced that it will be scrapping its nonfungible token (NFT) feature across its social media platforms Facebook and Instagram, just under a year after its launch. The news was tweeted by Meta’s Head of Commerce […]
Circle, Coinbase highlight instability, crypto concentration in ‘TradFi’
The recent instability in the digital asset sector has once again put the spotlight on the relationship between traditional financial institutions, or ‘TradFi’, and cryptocurrencies. Representatives from Circle and Coinbase have blamed the instability on the traditional financial sector, highlighting how the contagion was from TradFi to crypto rather than the other way around. During […]
Nouriel Roubini Gloats Over Crypto Banking Crisis
Nouriel Roubini, a Turkish-American economist, has taken to Twitter to express his satisfaction over the recent collapse of several crypto-related banks. Roubini, who is known for predicting the 2008 economic crisis, has long criticized cryptocurrencies, referring to them as a dangerous and unstable investment. He believes that banks that deal with cryptocurrency are putting themselves […]
Crypto community with over 90% historical accuracy sets XRP price for March 31, 2023
The cryptocurrency community is optimistic about the future of XRP, despite Ripple CEO Brad Garlinghouse revealing the company’s exposure to collapsed bank Silicon Valley Bank (SVB). According to data retrieved from CoinMarketCap, the crypto tracking platform, XRP is set to reach an estimated average price of $0.4101 by March 31, representing a 13.64% increase or […]
Bitcoin Explodes 10% Daily on Positive SVB Developments, Binance $1B Injection: Market Watch
The cryptocurrency market has witnessed several developments recently that have caused uproars within the community. The most significant news was the assurance provided by the US Government, via the Federal Reserve, the Treasury, and the Federal Deposit Insurance Corporation (FDIC), that depositors in Silicon Valley Bank would be safe. Bitcoin’s price had taken a hit […]
Circle Striving To Find New Banking Partners For USDC Stablecoin
Circle Internet Financial, the company behind the USDC stablecoin, is facing challenges as its banking partners continue to shut down their services. On Sunday, federal regulators announced that depositors at Silicon Valley Bank would receive their cash back, which seemed to resolve Circle’s $3.3 billion reserve problem. However, Signature Bank was closed by New York […]
HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition
HSBC and JP Morgan are said to be seeking to acquire the British division of Silicon Valley Bank (SVB UK), which has been forced into an emergency sale process following the collapse of its US parent company. Other potential buyers include Barclays, Lloyds Banking Corporation, Oaknorth Bank, and the Bank of London. However, settlement discussions […]
$USDC Regains Its Peg After U.S. Treasury Department Says Depositers of SVB Will Be Made Whole
On Sunday, March 12th, the crypto market breathed a sigh of relief after U.S. Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg released a joint statement. Silicon Valley Bank (SVB), the 16th largest bank in the US with $175 billion in deposits, had […]