Cryptocurrency Analysis and News Portal
Silicon Valley Bank, a major financial institution for venture-backed companies, was shut down by California’s financial watchdog on March 10 — marking the first Federal Deposit Insurance Corporation-insured bank to fail in 2023. The California Department of Financial Protection and Innovation confirmed that Silicon Valley Bank was ordered to close but
Read More
While Silvergate's demise may have rung alarm bells for investors around the durability of banks with close ties to the crypto industry, the rout has spread to more traditional lenders. Most notably, SVB Financial Group (SIVB), the holding company of Silicon Valley Bank, is down more than 40% on Friday
Read More
Bitcoin (BTC) struggled to reclaim $20,000 support at the March 10 Wall Street open as fears mounted over Silicon Valley Bank (SVB) contagion.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader targets $18,000 BTC priceData from Cryptox Markets Pro and TradingView followed BTC/USD as it nursed fresh losses, reaching $19,569 on Bitstamp. The pair
Read More
As Silicon Valley Bank fails to reassure customers of its financial state, crypto-focused venture capital investors urge the firms to remove assets from the bank. Both stock and crypto markets are in the red, causing panic among traders. The announcement follows a dramatic decrease in the shares of SVB Financial Group, the
Read More
Pressure on the U.S. banking system is questioning whether the Fed can push ahead with such an aggressive tightening cycle, analysts at ING said. Source
Read More
Silicon Valley Bank operating as SVB Financial Group is seeing the worst of its days with its share price plunging by 23.52% in the Pre-Market, following a massive slump of 60.41% on Thursday. Considering the massive selloff in the bank’s stock, SVB Financial Group (NASDAQ: SIVB) is now changing hands at
Read More
Crypto venture capital firms advised their portfolio companies to pull their investments from American commercial bank Silicon Valley Bank (SVB). Specifically, five crypto-focused venture capital investors have urged portfolio companies to withdraw their funds from the banks as a precaution. This comes as Silicon Valley Bank Financial Group (NASDAQ: SVB)
Read More
Federal Reserve Chairman Jerome Powell has provided an update on the Fed’s central bank digital currency (CBDC) work in a hearing before the House Financial Services Committee. While stating that the Fed is “making progress on technological issues,” Powell stressed that “policy issues are equally important.” Fed Chair Powell on CBDC
Read More
But because they weren’t, the industry now is likely to have a difficult time attracting traditional firms into the crypto banking industry, Jim Bianco, president of Bianco Research LLC, says. Original Source
Read More
“This remains a tough environment for crypto given the fallout from Silvergate Capital, so bitcoin could see further selling pressure test the $20,000 level,” Edward Moya, senior market analyst at foreign exchange market maker Oanda, wrote in a Thursday note. Source
Read More