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Circle has been subject to discussion in the crypto industry since the depegging of its stablecoin (USDC) due to the collapse of Silicon Valley Bank (SVB) on March 10. Now that the company cleared its backlogs and USDC regained its 1:1 peg with the United States dollar, it is looking towards the future of both [...]
The post Circle prefers reserves and payment rails with the Fed, says exec appeared first on Crypto Breaking News.
Internal reviews of the supervision of Silicon Valley Bank and Signature Bank have been released, showing weaknesses on the part of the banks’ regulators as well as management.
BTC options and derivatives markets seem unfazed by the CFTC’s recent action against Binance, but is that a good or a bad sign?
In April there hasn’t been a single day where total sellers on the market haven’t exceeded total buyers.
Venture capitalist Tim Draper advises business founders to diversify their cash holdings by keeping at least two payrolls worth of cash in Bitcoin or alternative cryptocurrencies, along with other recommendations, in response to the uncertainty created by the collapse of Silicon Valley Bank. (Read More)
Janet Yellen called for further regulation of nonbank institutions claiming they pose a systemic risk to U.S. financial stability.
The Federal Reserve Chairman has admitted to being blindsided by the sudden collapse of Silicon Valley Bank (SVB) despite being under their supervision. The collapse of SVB has prompted an internal investigation led by the Vice Chairman to look into the failure of the bank and the Fed’s regulation of it. The bank’s collapse has been linked to the Federal Reserve’s successive interest rate hikes and erosion of its long-term bonds. This has led to depositors requesting withdrawals en masse, causing a bank run, and the Federal Deposit Insurance Commission taking possession of SVB. (Read More)
Signature Bank is the best place for crypto banking, even if it goes bankrupt, Woorton co-founder Zahreddine Touag believes.
American venture capital investor and entrepreneur Tim Draper took the master stage at Paris Blockchain Week 2023 to give his keynote speech on, “The Decentralization of Everything” which he ended with a self-composed Bitcoin song. The speech opened by touching on the general distrust of cryptocurrencies – primarily Bitcoin (BTC) – from centralized governments. “I [...]
The post Tim Draper sings a Bitcoin song dedicated to SVB and world governments: PBW 2023 appeared first on Crypto Breaking News.
The U.S. Treasury Secretary Janet Yellen said the federal government would intervene if necessary to protect other small lenders.
The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S. Department of Justice (DOJ) and [...]
The post Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders appeared first on Crypto Breaking News.
While Signature’s Barney Frank referred to the recent events with SVB as an “anti-crypto message,” Trezor’s Josef Tetek says they are “definitely good” for Bitcoin.
Amid the ongoing United States banking crisis, a wide number of major cryptocurrency firms have denied exposure to dissolved U.S. banks like Silicon Valley Bank (SVB). As potential implications of the SVB crisis for the crypto market continue to unfold, Cointelegraph highlighted several major crypto firms that have declared to be unaffected by the issues [...]
The post SVB crisis: Here are the crypto firms denied exposure to troubled US banks appeared first on Crypto Breaking News.
Binance co-founder and CEO, Changpeng Zhao, announced on March 13 that the exchange will be converting the remaining $1 billion funds in its Industry Recovery Initiative to native crypto amid concerns surrounding stablecoins. This decision was made following the depegging of the USD Coin (USDC) stablecoin caused by the failure of three major crypto-friendly banks - Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank. (Read More)
As per reports from Bloomberg, investors have filed a fraud lawsuit against the Silicon Valley Bank, which was shut down
It comes after the $209 billion bank failed after a $42 billion bank run. The Federal Reserve Board has confirmed that Vice Chair for Supervision Michael S. Barr will lead a review into the supervision and regulation of the failed Silicon Valley Bank. The Fed made this known in a press release on Monday, disclosing […]
The post Former Ripple Adviser Michael Barr To Lead Review of SVB Supervision first appeared on The Crypto Basic.
Goldman Sachs has revised its U.S. interest rate forecast due to “stress in the banking system.” The global investment bank no longer expects the Federal Reserve to raise interest rates at its Federal Open Market Committee (FOMC) meeting in March after the central bank announced measures to rescue depositors of failed Silicon Valley Bank and [...]
The post Goldman Sachs Now Expects No Rate Hike in March Due to Stress in US Banking System appeared first on Crypto Breaking News.
Last week, another major quake shook crypto markets. Silvergate Bank — a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States — shut down operations due to liquidity problems. A couple of days later, another ??Federal Deposit Insurance Corporation-insured institution, Silicon Valley Bank (SVB), was shut down by [...]
The post Silvergate and SVB bite the dust: Law Decoded, March 6–13. appeared first on Crypto Breaking News.
<p>The Monetary Authority of Singapore (MAS) has said that the collapse of Silicon Valley Bank (SVB) and other two US-based banks has limited impact on startups in its ecosystem, including those with operations in the United States.</p><p>The conclusion is based on initial feedback, MAS announced on Monday, noting that it is working closely with Enterprise Singapore, a statutory board under the country’s Ministry of Trade and Industry, to assess any potential impact of the developments on the country. </p><p>“MAS and other government agencies will continue to monitor the situation closely for any signs of stress,” the central bank noted.</p><p>Singapore Has "Insignificant Exposures" to Failed US Banks</p><p>Furthermore, the financial regulator noted that the Singapore banking system, on the whole, has “insignificant exposures” to the failed United States banks, adding that banks in the Asian country are “well-capitalized and conduct regular stress tests against interest rate and other risks.”</p><p>Additionally, MAS assured that the country’s banking system remains “sound and resilient,” adding that the Singapore Dollar money and foreign exchange markets “continue to function well.”</p><p>“MAS is closely monitoring the domestic financial system and international developments. MAS stands ready to provide liquidity through its suite of facilities to ensure that Singapore’s financial system remains stable and financial markets continue to function in an orderly manner,” the central bank explained.</p><p>US Sees Largest Bank Collapse Since 2008</p><p>Last Friday, SVB, which targeted its banking and lending services at early-stage technology companies, collapsed following a run on the bank. As a result of higher interest rates, private equity funding became more expensive for technology firms, resulting in more withdrawals to meet their needs.</p><p>In a bid to meet customers’ needs, the California-based bank made efforts to raise funds, including a plan to offer $2.25 billion in common equity and preferred convertible stock. Additionally, the bank sold its bond portfolio comprising majorly of US government bonds at a $1.8 billion loss. </p><p>However, the efforts did not salvage the bank as the struggling lender was later <a href="https://www.financemagnates.com/cryptocurrency/svb-crisis-circle-escapes-usdc-depeg-with-regulatory-assurance/" target="_blank" rel="follow">admitted under the receivership</a> of the Federal Deposit Insurance Corporation. The bank’s collapse has been described as the largest bank failure since the 2008 financial crisis.</p><p>New York regulators on Sunday would later <a href="https://www.financemagnates.com/cryptocurrency/signature-bank-collapse-coinbase-and-paxos-disclose-massive-exposure/" target="_blank" rel="follow">shut down Signature Bank</a> “to protect depositors.” Days earlier, another struggling crypto-friendly bank, Silvergate, <a href="https://www.financemagnates.com/cryptocurrency/silvergate-bank-announces-voluntary-liquidation-amid-troubles/" target="_blank" rel="follow">winded down its operations</a> and voluntarily liquidated its assets.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
The panic caused due to USD Coin’s (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes. Bitcoin price sees $50K in “fat finger” error The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7 pm UTC. The reason for [...]
The post Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps appeared first on Crypto Breaking News.
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