Day: March 13, 2023

BlockFi Has Cash Access for Staff, Vendors Despite SVB Collapse: Attorney

The New Jersey bankruptcy court had banned BlockFi from investing in secondary financial markets, according to a filing by U.S. Trustee Andrew Vara made on Friday. In a series of letters starting Feb. 17, Vara, a Department of Justice official responsible for bankruptcy matters, urged the lender to shift the funds somewhere where it would be protected by a government guarantee from the Federal Deposit Insurance Corporation (FDIC). Source

FDIC Creates Bridge Banks for Failed Silicon Valley Bank and Signature Bank Clients to Access Funds – Bitcoin News

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The U.S. Federal Deposit Insurance Corporation (FDIC) has announced that clients of Silicon Valley Bank (SVB) and Signature Bank (SBNY) can access their funds during normal banking hours on Monday, March 13, 2023. The FDIC stated that both banks’ deposits were made whole under the “systemic risk exception” approved by the U.S. Federal Reserve and Treasury Department. Details on the Creation of Full-Service FDIC-Operated Bridge Banks Customers who utilized Silicon Valley Bank (SVB) and Signature Bank (SBNY) will have access to their funds on Monday, following the FDIC’s actions to…

Stock Futures Plunge as Market Craves Stability amid Banking Crisis

With the collapse of SVB, many commentators have been echoing the phrase that no firm is “too big to fail.” Uncertainty has continued to grip active players in the United States stock market with futures tied to major indices shedding off significant gains on Monday. The futures tied to the Dow Jones Industrial Average (INDEXDJX: .DJI) shed 276 points atop a 0.9% slump. To complement the bearish trend, the futures tied to the S&P 500 Index (INDEXSP: .INX) also dropped by 1% with that linked to the Nasdaq-100 dropping by…

Why is Ethereum (ETH) price up today?

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Ethereum’s native token, Ether (ETH), rallied on March 13 after the U.S. regulators shored up wavering confidence in the banking sector led by the shutdown of $209 billion Silicon Valley Bank (SVB) and $110 billion Signature Bank. U.S. emergency measures help Ether recovery Ether’s price rose over 3% to around $1,635, its highest level in almost two weeks. The gains came as a part of the token’s broader rebound move that saw it rallying nearly 20% from its March 10 low of $1,369. ETH/USD daily price chart. Source: TradingView On…

314M USDC sent to null address as redemptions begin: Report

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According to Web3 analytics platform Watchers, a total of 314.167 million USD Coin (USDC) was sent by its issuer, Circle, to the Ethereum null address with header 0x00 on March 13. The null address is typically used to remove tokens from circulation via one-way transactions. Stablecoin Burn Alerts:314,167,155.05 $USDC ($311,419,134) just burned by #CircleTx: https://t.co/ggqMMIhwS8 — Watchers ( . ) (@0xWatchers) March 13, 2023 On March 12, Circle announced that following a joint announcement by U.S. Treasury Secretary Janet Yellen and other regulators, all depositors with Silicon Valley Bank (SVB)…

11 classic memes that have been sold as NFTs

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Nonfungible token (NFT) memes have brought mainstream attention to the world of NFTs and digital art, helping to expand the market and increase its legitimacy. The high prices paid for some NFT memes have demonstrated the value of online culture and the emotional connection that people can have to internet memes. NFT memes have also created a new way for creators and artists to monetize their work, potentially leading to new opportunities and revenue streams in the digital economy. What are NFT memes? NFT memes refer to internet memes that…

Crypto industry may escape lasting damage from Silvergate liquidation

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Banks are the lifeblood of a nation’s economic system, and any bank collapse is disturbing. Last week saw two failures. On March 8, Silvergate Capital — the cryptocurrency-focused banking company — entered into voluntary liquidation. On March 10, United States regulators shut down and seized the deposits of tech-oriented Silicon Valley Bank in what was being called the second-largest bank failure in U.S. history. Both California institutions were victims of bank deposit runs.  The fallout from the collapse of Silicon Valley Bank (SVB) could be significant, though it’s too early to…

The Australian Open Goes Full Web3

“We heard feedback from a lot of these consumers that they were watching more tennis than they ever watched before,” Ridley Plummer, who heads up the Web3 strategy for the Australian Open, said. “Wherever they were in the world, they were either getting up early, or staying up late, to watch the end of the matches, because they wanted to see where the match point landed.” Source