Day: March 11, 2023

USDC investor shells out $2M to receive $0.05 USDT trying to evade crash

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Soon after Circle revealed that Silicon Valley Bank did not transfer $3.3 billion of its USD Coin (USDC) reserves, the market responded with a massive sell-off — depegging the stablecoin from the US dollar. However, not all investors were lucky enough to walk away with their funds amid the uncertainty. To cut losses, investors started selling their USDC tokens in exchange for other stablecoins, such as Tether (USDT) and avoiding impermanent losses. Unfortunately, a member of Crypto Twitter who goes by the name BowTiedPickle highlighted a transaction that shows that…

Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears Rise – Economics Bitcoin News

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The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several factors which led the population to believe there might be a devaluation move coming. Central Bank of Bolivia Sells Dollars to Appease Local Market The Central Bank of Bolivia is executing extraordinary measures to supply its internal market with foreign currency. On March 6, the monetary institution…

$1.5 Million Bitcoin is not crazy…

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Million Bitcoin is Coming… (HERE IS WHY)! Full Interview: We will be at Bitcoin Miami 2023 this year … ▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Youtube version

Sen. Warren calls out ‘sham audits’ while SVB threatens crypto bankruptcy

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United States Senators Elizabeth Warren and Ron Wyden asked the Public Company Accounting Oversight Board (PCAOB) to hold auditors accountable for failed crypto projects.  The PCAOB — a non-profit overseeing the audits of public companies and other issuers — recently stated that proof-of-reserves (POR) are not equivalent to audits and are not conducted in accordance with PCAOB auditing standards. POR is a method widely adopted by crypto exchanges to confirm the availability of users’ funds. However, Sen. Warren demanded stricter oversight: “But let’s be clear: there’s more PCAOB needs to…

U.S. Lawmakers Met With Fed, FDIC to Discuss Collapse of Silicon Valley Bank: Source

“I am alarmed by the failure of Silicon Valley Bank, which marks the second largest bank failure in U.S. history,” she said in a statement. “I am closely monitoring and convening Committee members with regulators so myself and members can understand the latest around the closure of Silicon Valley Bank (SVB) by the California Department of Financial Protection and Innovation (DFPI), and the Federal Deposit Insurance Corporation (FDIC) appointed as receiver. I appreciate the DFPI and the FDIC for taking decisive action today, and I remain confident in America’s financial…

Coinbase reiterates that staking services will continue, despite SEC crackdown

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Despite the recent crackdown by the U.S. Securities and Exchange Commission (SEC) on staking services offered by centralized providers, Coinbase has reiterated to customers that its staking services will continue, and “may actually increase.” In a new customer email, highlighted by popular traders such as @AltcoinPsycho via Twitter on March 10, Coinbase outlined its updated staking terms and conditions starting from March 29. New email from Coinbase regarding staking: “Your staked assets will continue earning rewards, no action is required… You earn rewards from the protocol, not Coinbase” Coinbase basically…

USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Bank Collapses

Crypto was born in the aftermath of – and, to some, in response to – the 2008 crisis. Satoshi Nakamoto’s Bitcoin paper debuted into a world where governments had just propped up the financial system by pouring money into it. Crypto lacks such a centralized authority. If SVB customers, including Circle and its USDC stablecoin, are forced to take a haircut on their money, the repercussions are unclear. Source

Blockchain.com Shutters Asset Management Subsidiary Amid Crypto Winter and Industry Turmoil – Bitcoin News

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According to reports and a filing that shows its name struck off the U.K. companies’ register list, Blockchain.com is sunsetting its Blockchain.com Asset Management subsidiary. A company spokesperson cited deteriorating “macroeconomic conditions” and the “crypto winter” as some of the reasons for halting the institutional business. The Impact of Crypto Winter on the Cryptocurrency Industry Over the last two days, it appears that the downward pressure from the crypto winter will continue, as the global crypto market capitalization has slid 6.82% over the last day to $931 billion. Additionally, there…

Why is Shiba Inu down today

Shiba Inu, one of the most popular meme coins, has been experiencing a rough time lately. Given that it is primarily driven by hype, the current market FUD created by massive sell-offs and regulatory uncertainties is not doing it a favor. Shiba Inu has lost 5.7% in recent 24 hours. During the week, SHIB plummeted in price by 9.8%. SHIB price chart | Source: CoinMarketCap There are many reasons why the coin and the crypto market are receding. One of the major reasons is the crashing of bitcoin (BTC), which…