Day: March 10, 2023

Bitcoin breaks down below $20k amid recent market pressure

boss

After struggling with recovery for some time, bitcoin (BTC) has continued to lose value and is trading below $20,000 at $19,650. Since mid-January, this is the first time BTC has dropped below this crucial line.  Some 24 hours ago, bitcoin was trading at $21,730. Based on the current BTC prices, this crypto asset lost about 9.2% in 24 hours.  Bitcoin 24-hour charts | Source: CoinMarketCap The market charts indicate that BTC has been trading in the red zone for 24 hours. Moreover, the coin’s 24-hour high was just about $21,790,…

Silicon Valley Bank Rocks Crypto and Equity Markets Ahead of Jobs Report

“Silicon Valley Bank (SIVB), another crypto-friendly bank, comes under pressure. The bank is generally regarded as one of the default fallback options for industry participants impacted by the collapse of Silvergate. Operation Chokepoint 2.0 continues tightening its grip,” Ilan Solot, co-head of digital assets at Marex, said in an email, referring to Silvergate Bank, a crypto bank that is closing down, and to a government crackdown in 2013 on banks that did business with the gun sellers. Source

DeFi Protocol Tender.fi Hacker Returns $1.6M Following Chainlink Oracle Glitch

The attack occurred after Tender.fi upgraded its price feed to relay data from a Chainlink pricing oracle as opposed to a time-weighted average price (TWAP). The code, which was audited by PeckShield, contained an error and returned a number with too many zeros behind it. This meant the attacker was able to deposit one GMX token, worth around $70, effectively tricking the system into allowing infinite borrows, according to a postmortem published on Tender.fi’s Medium page. Source

ARK buys its biggest batch of COIN in 2023

boss

Amid Coinbase (COIN) stock tumbling about 8% on Thursday, Cathie Wood’s investment manager ARK Invest has bought the biggest amount of the stock since the start of 2023. On March 9, ARK purchased 301,437 Coinbase shares ($17.5 million) for its ARK Innovation exchange-traded fund, known as ARKK, according to an investor notification seen by Cointelegraph. The company has also bought 52,525 COIN shares ($3 million) for its ARK Next Generation Internet ETF, referred to as ARKW. ARK’s latest investments in Coinbase make up the largest single COIN stock acquisition in…

Bakkt Q4 2022 Earnings Result Reveal Worse-than-Expected Adjusted Earnings

In its Q4 2022 report, fintech Bakkt also revealed plans to tie up its acquisition of crypto exchange Apex Crypto.  Bakkt (NYSE: BKKT) posted its Q4 2022 earnings, revealing a revenue haul of $15.6 million. Although this figure came in slightly below the consensus estimate of $16 million, it nonetheless represents a 14% increase year-over-year (YoY). However, the digital asset management technology platform’s Q4 increase in revenue was accompanied by a corresponding expense hike. This development resulted in a hefty impairment charge of $272 million, which impacted Bakkt’s overall bottom line. The Bakkt…

Silicon Valley Bank CEO Reassuring Clients After 60% Slump

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 $81.10 in what is regarded as the worst week for the firm in about a decade. The strain in the company’s stock stems from its latest fundraising through $1.75 billion in share sales. The company launched the raise this…

Multiple Portfolio Companies Withdraw Funds from Silicon Valley Bank

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) struggles to convince clients after a capital raise resulted in a major stock collapse. The bank announced proposed offerings of $1.25 billion of its common stock on March 8 to shore up its balance sheet. According to the financial institution, it…