Day: March 10, 2023

Binance Bans Russians From P2P Transactions With Dollars and Euros – Exchanges Bitcoin News

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Cryptocurrency exchange Binance has introduced new restrictions for Russian users, in accordance with the latest European sanctions. The platform is restricting access to peer-to-peer (P2P) transactions in U.S. dollars and euros for traders based in the Russian Federation. Binance Prohibits US Dollar and Euro Transactions for Russians on Its P2P Market The world’s largest crypto exchange, Binance, is imposing restrictions on P2P transactions in U.S. dollars and euros for Russian traders. They have been introduced in compliance with the 10th round of EU sanctions on Russia announced on the first…

Crypto funding shifts from CeFi to DeFi after major collapses: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. DeFi has become a prominent choice for investors after multiple centralized finance (CeFi) collapses throughout 2022. Some key interest areas for investors include “NFTfi,” on-chain derivative platforms, decentralized stablecoins and Ethereum layer 2’s. February saw seven DeFi exploits resulting in a net loss of about $21 million. March is no different, with multiple exploits already recorded, such as on Hedera’s mainnet. DeFi lender Tender.fi…

Circle’s exposure to U.S. banks could top $9B

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USD Coin (USDC) issuer Circle exposure to the United States banking system sits near to $9 billion, according to its latest audit report from January. Circle’s reserves are held in a number of regulated financial institutions in the country, including Silvergate, Silicon Valley Bank, and Bank of New York (BNY) Mellon.  According to the report, the amount held in cash by U.S. regulated financial institutions was at $8.6 billion as of January 31, meaning roughly 20% of its reserves. Another $33.6 billion of Circle’s reserves are held in U.S Treasuries…

Ethereum Shanghai upgrade could benefit liquid staking providers and cement ETH’s layer-1 dominance

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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 users to withdraw their locked-up tokens representing staked Ether from the Beacon Chain. The ability to withdraw staked Ether could increase market liquidity and make it easier for users to access their funds. Ethereum liquid…

SVB seized by FDIC, Signature bank falls in heavy trade as bitcoin breaks down

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The views and opinions expressed here belong solely to the author. Niche banks continue to fall apart. The Silvergate failure is being followed by Silicon Valley Bank (SVB), which collapsed on March 10. After a failed attempt to raise capital, SBV has been taken over by the Federal Deposit Insurance Corporation (FDIC). The bank will be sold or liquidated. In heavy trade on March 10, Signature Bank is on the rocks. It is down 21.11% at press time at $69.65, but traded near $61 earlier in the day from a…

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Silvergate shutting down, Alameda suing Grayscale

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With the Bitcoin (BTC) halving more than a year away, don’t expect crypto industry narratives to change anytime soon. Nay, crypto winter is still in full force, and the nasty headlines show no signs of abating.  This week, Silvergate Bank’s parent company announced it would shut down and liquidate the crypto bank “in light of recent industry and regulatory developments.” This hardly comes as a surprise after most of Silvergate’s high-profile partners abandoned the company when the regulators came knocking. The latest Crypto Biz newsletter documents the voluntary liquidation of…

Bitcoin Price Outlook for March – Market Updates Bitcoin News

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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, what could be next? Current Market Status Non-farm payrolls in the U.S. were released earlier today, coming in at 311,000, better than the 205,000 expected, however, this has been of little consequence, unlike in previous…

AAVE DAO votes for ‘rescue plan’ to save lost tokens

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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,” authorized AAVE developers to upgrade smart contracts that have been mistakenly sent tokens in the past, causing the contracts to automatically send the lost tokens back to their original owners. Here’s your chance to join the rescue mission. Vote now https://t.co/JJr6qhTKAv — Aave (@AaveAave) March 7,…