Day: March 12, 2023

Silvergate liquidates, Silicon Valley Bank on receivership, and crypto selloff

Last week was mainly bearish as several macro events had a detrimental effect on the industry. Major developments, such as the voluntary liquidation of Silvergate and the crash of Silicon Valley Bank (SVB), disrupted the industry, resulting in a sell-off that pushed asset prices to multi-month lows. In addition, regulatory efforts in the United States were mostly unfavorable, exacerbating concerns and uncertainty. Silvergate’s voluntary liquidation  Two weeks ago, concerns regarding Silvergate’s stability escalated after the bank postponed its yearly 10-k submission to the United States Securities and Exchange Commission (SEC).…

USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident – Market Updates Bitcoin News

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On Saturday, several centralized crypto trading platforms and payment processors stopped USDC auto conversions. However, USDC experienced a significant trading volume on decentralized exchange (dex) platforms such as Uniswap, Curve, and Pancakeswap. Uniswap alone recorded $10.13 billion in trades over the past day, with more than 55% of those swaps involving USDC against wrapped ether, and the stablecoin tether. During the last 24 hours, USDC emerged as the most dominant trading pair on dex platforms. USDC Trades Below $0.975 Accounted for More Than $26 Billion on Saturday Based on statistics,…

U.S. Treasury Janet Yellen working on SVB collapse, not at bailout: Report

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United States Treasury Secretary Janet Yellen is reportedly working with regulators to address Silicon Valley Bank collapse and protect investors, but not considering a major bailout. Yellen made the comments during an interview with CBS News on March 12, claiming that regulators are designing “appropriate policies to address the situation” at the bank. She stated: “During the financial crisis, there were investors and owners of systemic large banks that were bailed out, and we’re certainly not looking. And the reforms that have been put in place means that we’re not…

Navigating the World of P2P Crypto Exchanges: Tips and Tricks

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The world of cryptocurrency has seen a tremendous amount of growth in recent years, and with it, the emergence of peer-to-peer (P2P) crypto exchanges. These platforms allow individuals to buy and sell digital assets directly with one another, cutting out the need for a centralized intermediary. While P2P exchanges can offer a level of privacy and autonomy not found in traditional exchanges, they also come with their own set of risks and challenges. In this article, we will explore the ins and outs of P2P crypto exchanges and provide tips…

Critics Call Warren’s Silvergate Take ‘Terribly Misinformed,’ SVB Collapses, Vitalik’s Token Sell-Off Moves Markets, and More — Week in Review – The Weekly Bitcoin News

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It’s been a turbulent week in finance with the so-called crypto-friendly Silvergate Bank announcing its liquidation, U.S. Senator Elizabeth Warren blaming the event on “crypto risk,” and individuals on social media pointing out that Warren is “terribly misinformed.” Additionally, U.S. Regulators closed Silicon Valley Bank after reports of a bank run and other troubles. In other developments, Ethereum co-founder Vitalik Buterin’s address allegedly sold trillions of airdropped ERC20 tokens, causing negative price moves, and India-Russia oil deals could be challenging U.S. dollar dominance. All this and more, just below, in…

Fed must intervene after Silicon Valley Bank’s crash

Anthony Scamarucci, the founder of SkyBridge Capital, wants the United States Federal Reserve (Fed) to intervene in the aftermath of the Silicon Valley Bank’s (SVB) collapse. Anthony wants the Federal Reserve to intervene Analysts are calling for the Fed to push another investor or bank to acquire and assume SVB’s assets and obligations, making depositors and creditors whole. In Anthony’s view, the Fed must announce a buyer for SVB’s assets before midnight on Mar. 12. Otherwise, a contagious domino effect will cascade through the financial markets, including bitcoin and crypto. The Fed…

How and why do stablecoins depeg?

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Stablecoins are a type of cryptocurrency designed to have a stable value relative to a specific asset or a basket of assets, typically a fiat currency such as the U.S. dollar, euro or Japanese yen. Stablecoins are designed to offer a “stable” store of value and medium of exchange compared with more traditional cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which can be highly volatile. Fiat money, cryptocurrencies, and commodities like gold and silver are examples of assets used to collateralize or “back” stablecoins. Tether (USDT), USD Coin (USDC) and…

Tron founder speaks out amidst Silicon Valley Bank and Silvergate troubles

On Mar. 12, H.E. Justin Sun, the founding member of the TRON ecosystem and the global advisor at Huobi, a crypto exchange, posted a thread on Twitter highlighting the “potential harm” prevalent in the financial sector. He explicitly refers to current debacle in the financial markets following the collapse of Silicon Valley Bank (SVB) last week. On Mar. 10, the California Department of Financial Protection and Innovation (DFPI) took over SVB citing insufficient liquidity and insolvency, jeopardizing many financial institutions, including Circle, the issuer of USDC, and depositors whose funds are now…