Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC’s collateral was held at Silicon Valley Bank. However, not all of them had success during panic selling. One user paid over 2,000,000 USDC to receive $0.05 of Tether
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Top Stories This Week Silicon Valley Bank shut down by California regulator, holding over $5 billion for prominent crypto VCs Silicon Valley Bank (SVB) was shut down by California’s financial watchdog on March 10 after announcing a significant sale of assets and stocks aimed at raising additional capital. The California watchdog appointed the Federal Deposit
The Bank of England (BoE) has halted the operations of Silicon Valley Bank’s U.K. branch (SVB UK), stating that it has a “limited presence” in the United Kingdom (UK) and no “critical functions” supporting the financial system. BoE issued a statement on Mar. 10, declaring that SVB UK will “stop making payments or accepting deposits,”
Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture capitalists caused a bank run, while others
The collapse of Silvergate, a crypto-friendly bank, will likely significantly impact the crypto ecosystem and its ties with the U.S. banking sector. Earlier this week, the parent company of Silvergate Bank announced plans to wind down operations and liquidate the bank. The announcement came after the crypto-friendly bank suffered $1 billion worth of losses in
Layer-2 networks continue to gain momentum as the Ethereum ecosystem advances. For example, data from analytics provider Token Terminal found that layer-2 scaling solution Polygon had 313,457 daily active users as of Jan. 17, 2023 — a 30% increase in activity since October 2022. Moreover, the Polygon ecosystem recently announced the launch of its beta
Almost immediately after USD Coin (USDC) issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves from Silicon Valley Bank (SVB), the resultant sell-off caused the price of the stablecoin to fall below its $1 peg. On March 9, Circle initiated a wire transfer to remove its funds from SVB as
Bitcoin (BTC) refused to let $20,000 support die for good on March 11 as the weekend opened to a battle for lost ground. Bitcoin shakes off USDC depeg Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $20,200 at the time of writing. A brief dip below the $20,000 mark overnight was short-lived, and the
Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community, leading many to come back to crypto roots, reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008. It’s truly amazing how many people are scared that a couple banks went
Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday.
Bitcoin (BTC) led a sharp sell-off in the cryptocurrency markets on March 9 as the woes at Silvergate Bank and Silicon Valley Bank dented investor sentiment. In addition, crypto-specific news of a suit filed by New York Attorney General Letitia James against cryptocurrency exchange KuCoin for selling securities and commodities without registration increased uncertainty about
The stablecoin ecosystem felt an immediate effect as USD Coin (USDC) depegged from the U.S. dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $3.3 billion of Circle’s $40 million transfer request. Given USDC’s collateral influence, major stablecoin ecosystems followed suit in depegging from the U.S. dollar. Dai (DAI), a
Some Aave users who accidentally sent tokens to the wrong address may soon be able to recover them, according to the text of a proposal passed by the Aave decentralized autonomous organization (DAO) on March 10. The proposal, called “Rescue Mission Phase 1 Long Executor,” authorizes Aave developers to upgrade smart contracts that have been mistakenly
United States Senators Elizabeth Warren and Ron Wyden asked the Public Company Accounting Oversight Board (PCAOB) to hold auditors accountable for failed crypto projects. The PCAOB — a nonprofit overseeing the audits of public companies and other issuers — recently stated that proof-of-reserves (POR) are not equivalent to audits conducted under PCAOB auditing standards. POR
India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.” India
Big round numbers always pique the interest of investors and the $1 trillion total crypto market capitalization is no exception. It’s a level that held for 48 days before collapsing on March 9. After a 16-hour negative 8.6% price movement, the indicator fell to $914 billion, its lowest level since Jan.13. Concerns about the stability
Ethereum’s upcoming Shanghai upgrade will allow users to withdraw staked Ether (ETH), increasing the network’s liquidity and competitiveness while also boosting its staking ratio closer to its competitors. The Shanghai upgrade is a hard fork of Ethereum tentatively scheduled to occur in March. It implements five Ethereum Improvement Proposals, the headliner being EIP-4895, which allows
On March 10, the United States Securities and Exchange Commission ruled against a change that would allow investment manager VanEck to create a spot Bitcoin (BTC) trust. Commissioner Mark Uyeda joined his colleague Hester Peirce in releasing a statement criticizing the commission’s decision not to approve the listing and trading of the financial product. The commissioners
There are only ten days into March, and volatility in the crypto markets has heightened, with both bitcoin and ethereum falling to two-month lows. A collapse in Silvergate Bank was one of the major catalysts leading to this month’s bearish sentiment, which now sees bitcoin trading under $20,000. With over three weeks remaining in March,
Learning the principles of finance is essential for managing personal and business finances, making informed investment decisions and understanding the economy. Here are five basic principles of finance that you should know. Time value of money This principle suggests that a dollar received today is worth more than a dollar received in the future due to