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The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, US President Joe Biden assured that no American taxpayer would feel the burn as the federal
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The mass burn reversed Circle’s early March trend where it had been minting more USDC than it was destroying. Between March 1 and March 9, Circle minted a net average of $143 million USDC a day, but this trend has since changed: Starting on March 10, Circle has burned a
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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),
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Cryptocurrency investment products lost 10% of assets under management last week as institutional investors rushed for the exit during the latest episode of market volatility prompted by the Silvergate and Silicon Valley Bank collapses.Digital asset investment products registered $255 million in outflows for the week ending March 12, marking the
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Bitcoin (BTC) hit its highest since the start of the month on March 13 as U.S. bank stocks saw the largest mass halt in history.BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewBTC price sees "phenomenal" reboundData from Cointelegraph Markets Pro and TradingView tracked a thoroughly bullish hourly candle for BTC/USD, which reached
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The New Jersey bankruptcy court had banned BlockFi from investing in secondary financial markets, according to a filing by U.S. Trustee Andrew Vara made on Friday. In a series of letters starting Feb. 17, Vara, a Department of Justice official responsible for bankruptcy matters, urged the lender to shift the
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HSBC’s announcement came at a time the United States government announced a $25 billion bailout of struggling Silicon Valley Bank and Signature Bank to avoid a further banking crisis. In a stunning turn of events, HSBC Holdings Plc (NYSE: HSBC) has announced that its United Kingdom subsidiary has acquired troubled Silicon
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The Fed and the FDIC have assured depositors that they could withdraw money from Silicon Valley Bank thereby instilling some confidence among crypto investors. In the early trading hours on Monday, March 13, the broader cryptocurrency market made a strong comeback surging past $1 trillion levels once again. This surprise
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The decision to take over Signature Bank was made to reduce depositor outflows and prevent further bank runs. The New York Department of Financial Services (NYDFS) has taken over the crypto-friendly bank, Signature Bank, to safeguard depositors’ funds and preserve confidence in the US economy. After the collapse of Silicon Valley
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