“While the outflows are the largest on record, they aren’t when expressed as a percentage of total assets under management, that record was on May 2019,” the report said. A full $52 million of outflows last May represented 1.9% of AUM, according to CoinShares. Source
Day: March 13, 2023
Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum – Bitcoin News
On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement. CZ’s Decision to Convert $1 Billion BUSD Comes Amidst Troubles for Stablecoins Binance CEO Changpeng Zhao (CZ) announced on Monday that the company had converted $1 billion BUSD into bitcoin (BTC), BNB, and ethereum (ETH). “Given changes in stablecoins and banks, Binance will convert the…
Gemini says no funds at Signature Bank backing GUSD
Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company. 1/ It’s very sad to hear the news about Signature Bank. They have been incredible partners to Gemini and our industry for the better part of a decade. We have zero customer funds and zero Gemini dollar (GUSD) funds held at Signature Bank. — Gemini (@Gemini) March 13, 2023 The exchange further clarified that…
Price analysis 3/13: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL
The banking crisis in the U.S. has led to aggressive buying in Bitcoin and select altcoins, which are nearing stiff overhead resistance levels. Three banks — Silvergate Bank, Silicon Valley Bank and Signature Bank — collapsed within a span of a few days, increasing demand for United States government bonds and sendin the yield on the 2-year Treasury tumbling to 4.06%, a fall of 100 basis points since March 8. This was the largest three-day decline since Oct. 22, 1987, when a stock market crash saw the yield fall 117 points. Although the Federal Reserve…
MakerDAO Weighs Using Emergency Switch to Prevent Future DAI Depegging
Under the proposal, the community would adopt an emergency switch that would pause peg-stability-module (PSM) swaps on its protocol, freezing the token purchases required to mint new DAI tokens, Sam MacPherson, a protocol engineer at MakerDAO, told CoinDesk. Source
Silicon Valley Bank's Parent Looking at Strategic Alternatives
The SVB Financial Group appointed a restructuring committee for its venture capital and investment banking arm. Source
Privacy blockchain platform Aztec to shut down Aztec Connect
Privacy blockchain platform Aztec has announced that it will be shutting down Aztec Connect, the network’s privacy infrastructure that acts as the encryption layer for Ethereum. The network was launched in July 2022 and has since amassed more than 100,000 users. However, the company has now officially announced that it will be closing down the service. The closure of Aztec Connect will involve disabling deposits from front-ends like zk.money and zkpay.finance on March 17. Users will be able to withdraw their funds from Aztec Connect with no fees for one…
Three Arrows Capital Co-Founder Kyle Davies: No Pending Lawsuits or Regulatory Action
Kyle Davies, co-founder of defunct hedge fund Three Arrows Capital, has claimed he has no pending lawsuits or regulatory action following the collapse of the fund last year. Source
DYdX Passes Vote to Reduce Trading Rewards by 45%, Sending Token Up 29.89%
DYDX token, the native token of the decentralized exchange of the same name, has surged by 26.88% on Monday after a governance vote had been passed to reduce trading rewards by 45%. Source
Crypto investment products see largest outflows on record amid SVB collapse
Cryptocurrency investment products lost 10% of assets under management last week as institutional investors rushed for the exit during the latest episode of market volatility prompted by the Silvergate and Silicon Valley Bank collapses. Digital asset investment products registered $255 million in outflows for the week ending March 12, marking the fifth consecutive weekly decline and the largest seven-day drop on record, according to CoinShares. The 10% drop in assets under management, or AUM, retraced all the gains in 2023. As the largest and most influential crypto asset, Bitcoin (BTC)…