Day: March 3, 2023

Crypto Markets Sinking on Silvergate

Bitcoin was down 5% early Friday, a day after a spout of negative developments surrounding crypto-friendly U.S. bank Silvergate Capital (SI). On Thursday, Coinbase (COIN), Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy Digital and Gemini all announced they will suspend Automated Clearing House transfers and other business operations with the bank. Silvergate’s stock tumbled 58% to $5.72 on Thursday. The wider crypto market also lost ground with major altcoins taking a hit on Friday. Ether, the second-largest cryptocurrency by market capitalization, shed 5%, filecoin (FIL) lost 9%, aptos (APT)…

BTC, ETH Hit Multi-Week Low, as Silvergate Uncertainty Spooks Markets – Market Updates Bitcoin News

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Bitcoin dropped to a two-week low on Friday, as crypto markets continued to react to the uncertainty surrounding Silvergate. The solvency of the bank has been put into question, with Binance, Coinbase and other exchanges moving to halt transactions. Ethereum also edged lower, falling below $1,600 in the process. Bitcoin Bitcoin (BTC) plunged further into the red on Friday, as markets reacted to fallout surrounding Silvergate. The crypto bank recently announced that it wouldn’t be able to file its annual report to the Security and Exchange committee, whilst hinting at…

US Judge Condemns SEC for Objecting to Voyager Digital’s Deal with Binance

US Judge Condemns SEC for Objecting to Voyager Digital’s Deal with Binance. A US judge has countered the action by the SEC to oppose the deal between crypto lender Voyager Digital and crypto company Binance. In December 2022, Voyager announced that it had selected Binance.US as the best and highest bid for its assets. The deal is worth $1.022 billion and is set to help the crypto lender’s customers access their funds as soon as possible. Under the agreement, the US arm of the crypto exchange was to make a good faith…

Crypto Market Tanks amid Worries of Silvergate Bank’s Insolvency

As the Silvergate crisis spreads across the broader market, investors have been shoring up stablecoins with USDT and USDC witnessing a surge in trading activity. Four months after the collapse of the crypto exchange FTX, yet another crisis-like situation has gripped the crypto market with fear and unrest amid the developments around Silvergate Capital (NYSE: SI). Earlier today, the broader cryptocurrency market shredded more than 4.5% eroding over $60 billion of investors’ wealth. In the last 24 hours, the world’s largest cryptocurrency Bitcoin is down by 4.54% and is trading…

Block Floats New Subsidiary to Help Enhance Lightning Network

With the new outfit, Block Inc will now have a defined presence, not just as a promoter, but as a major stakeholder in the Lightning Network ecosystem. In its bid to drive the overall usability of the Lightning Network, American multinational payments firm, Block Inc (NYSE: SQ) has announced the establishment of a new subsidiary called C=. While not the founder of the Lightning Network, Block has been highly committed to its overall growth, thanks to efforts from Jack Dorsey, one of the chief Bitcoin Maxists out there. According to…

The metaverse is testing the limits of what is legally possible

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It’s no secret that over the last few years, many physical events have digital iterations or have been wholly digitized into virtual reality. Recently, in Colombia, a local judge decided to hold a court hearing in the metaverse as an experiment with the technology. It was a civil case involving a traffic incident, which will progress further “partially” in the metaverse. While many believe that the metaverse will reshape our social lives, it begs the question of whether digital reality can best serve important societal moments, such as court cases, where an individual’s…

Crypto Exchange Bitzlato Restores Access to User Funds – Exchanges Bitcoin News

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Russia-linked cryptocurrency exchange Bitzlato has begun processing withdrawals of digital assets belonging to its customers. The trading platform was shut down in an operation carried out by law enforcement agencies in the U.S. and Europe alleging that it had been used to launder dirty money. Bitzlato Allows Withdrawals After Staying Offline for Weeks Users who have deposited funds to Bitzlato can now start to withdraw their coins, the recently seized crypto exchange said in a Telegram message. The announcement comes after a period of over a month during which the…

Backlog of withdrawal requests slows down Celsius custody program

Celsius customers participating in the company’s custody program can now withdraw their funds. However, some users are experiencing delays in processing their requests due to a backlog of pending withdrawals.  After a crypto lending company Celsius froze withdrawals before filing for bankruptcy, some customers now report that they can finally withdraw their funds 263 days later. As per multiple posts on social media, specific users with funds in Celsius’ custody accounts are expressing their joy over finally being able to withdraw their funds from the company. Today, withdrawals will reopen…

Dollar’s sharp recovery puts Bitcoin’s $25K breakout prospects at risk

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Bitcoin (BTC) investors reeling from the shock of recent cryptocurrency company failures and banking issues may face another potential problem: a recovering United States dollar. US dollar strength reemerges Notably, the U.S. Dollar Index (DXY), which tracks the greenback’s performance against a basket of top foreign currencies, has risen 4% from its Feb. 3 low of 100.82, amid anticipations that the U.S. Federal Reserve will continue raising benchmark rates to cool inflation. Inflation persists An air of caution remains as fresh U.S. data shows a recession is not yet imminent.…