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"Digital euros are euros, but bank deposits are not euros. Deposits are just promises to pay euros, and if banks can't fulfill those promises, then you get crises emerging," he said, adding that a CBDC would have the benefit of stability, justifying the use of the digital euro instead of
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The San Francisco-headquartered firm fired 26 employees in an effort to go public despite banking challenges. Chia Network Inc., the firm behind the Chia blockchain, has cut 26 “positions” as it still eyes an initial public offering. We’re sharing the difficult news that we eliminated 26 positions across Chia Network today. We
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The legal industry has risen as a major beneficiary amid the financial downturn of several prominent cryptocurrency firms, garnering hundreds of millions in fees. According to a report on Sep. 5, professionals, including lawyers, accountants, and consultants,
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Artificial intelligence “may heighten financial fragility as it could promote herding,” the regulator said in a speech Source
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Economist Peter Schiff expects a lot more banks to fail, warning that “nobody’s money is safe in any bank.” He stressed: “When the Fed sets interest rates too low and prints a lot of money … it unleashes massive inflation, creates tremendous economic imbalances that result in financial crises and
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Silicon Valley Bank (SVB), representing the United States information technology hub, Silicon Valley, went bankrupt due to a bank run, massive deposit withdrawals, in under 14 hours. SVB’s bankruptcy is the second-largest in history after Washington Mutual went under during the Global Financial Crisis (GFC) in 2008. Silvergate Capital, one of the
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Blockchain analytics firm Chainalysis has attempted to put the FTX collapse into perspective — comparing peak weekly-realized losses in the wake of the exchange’s collapse compared to previous major crypto collapses in 2022.The Dec. 14 report found the depegging of Terra USD (UST) in May saw weekly-realized losses peak at $20.5
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Crypto markets responded to the latest events with their recent sangfroid, with bitcoin and other major cryptos trading sideways, some tokens a bit to the green and others slightly in the red. The largest cryptocurrency by market capitalization was recently up about 1% and hovering comfortably over its $16,000 support
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The sudden collapse of the FTX exchange has sent shock waves throughout the Bitcoin crypto world. The Bankman-Fried-led crypto empire hailed as an industry leader has filed for bankruptcy, creating widespread panic in crypto circles. This collapse was aided by Ian Allison’s article showing that around $5.8 billion from the $14.6
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Crypto Needs an FDIC-Like Protocol to Prevent Liquidity Crises Original Source
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