Day: March 13, 2023

Banking Crisis Won’t Leave Crypto Industry Unbanked Despite Short-Term Pain

Regardless of the final outcome, every bear cycle in crypto has experienced such conundrums, and came out stronger, Xu said. “Having been in this industry for as long as I have, this news doesn’t surprise me to the point where we have become numb to the effects. It is to be expected,” he said, adding that this won’t mean the end of crypto banking; rather, institutions that don’t adapt to new technology will be left behind. Source

Bitcoin BTC Price Spike to $24.5K Stemmed From Regulators’ Bank Interventions, Binance Stablecoin Conversion, Investor Hopes for Fed Dovishness

boss

“The loss of Silvergate, SVB and Signature is devastating for US-based crypto companies,” Frank wrote. “That said, the crypto market has at least temporarily responded to the bailouts well. In light of the uncertainty surrounding banking in the US, the narrative of Bitcoin as a hedge and safehaven has gained steam.” Original

NFT Artist Beeple Opens Digital Art Gallery in Charleston

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CryptoX is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CryptoX is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CryptoX employees, including editorial employees, may receive exposure to DCG equity…

Meta pulling the plug on NFTs across Instagram and Facebook

boss

Big Tech firm Meta is scrapping its nonfungible token (NFT) feature across its social media platforms Facebook and Instagram just under a year after it launched. Stephane Kasriel, Meta’s head of commerce and financial technologies, tweeted the news on Mar. 13, saying Meta is “winding down” its NFT support as it wishes to “focus on other ways to support creators, people, and businesses.” Some product news: across the company, we’re looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus…

Deposits held at Signature Bank are secure and available

boss

Crypto mining firm Marathon Digital Holdings has assured investors that the firm’s cash deposits at Signature Bank are secure and available for use as of Mar. 13. In a statement following the closure of New York’s Signature Bank, Marathon disclosed that it has approximately $142 million in cash deposits at Signature Bridge Bank. The Signature Bridge Bank was set up by the United States Federal Deposit Insurance Corporation (FDIC) to manage customer accounts at the recently shut-down Signature Bank. The bridge bank is aimed at ensuring the flow of funds is not…

Euler attack causes locked tokens, losses in 11 DeFi protocols, including Balancer

boss

Contagion from the Dec. 12 flash loan attack against Euler has spread far and wide, resulting in frozen or lost funds for 11 different decentralized finance (DeFi) protocols, according to Dec. 13 reports from each of them on Twitter. Balancer, an Ethereum protocol with over $1 billion total value locked (TVL), is among the affected protocols. Below is a rundown of the major exploits and what we know so far. Balancer Balancer reported on March 13 that the Euler Boosted USD (bb-e-USD) pool had been affected by the exploit. Approximately $11.9…

USDC depegged, but it’s not going to default

boss

Over the past week, investors understandably became concerned over the news that billions of dollars backing USD Coin (USDC) — the second-largest stablecoin — were locked up in the distressed Silicon Valley Bank (SVB). The market reacted violently, causing USDC to lose its dollar peg. But while the concern was understandable, it has become clear that USDC creator Circle will regain full access to its funds. The crypto community can breathe easily. It started as a tremor Hundreds of sensors are buried on the ocean floor off the coast of…

Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects ‘Anti-Crypto’ Message Behind Signature Bank Failure – Bitcoin News

boss

Barney Frank, a former member of the U.S. House of Representatives from Massachusetts and leading co-sponsor of the 2010 Dodd-Frank Act, discussed his opinion on the recent failure of Signature Bank. In an interview, Frank stated that he believes regulators aimed to “send a very strong anti-crypto message.” Frank, who also serves as a Signature board member, explained that he was surprised by the financial institution’s demise. The Third-Largest Bank Failure in U.S. History: Signature Bank’s Demise was Confusing to Company Executives New York regulators from the Department of Financial…