Day: March 14, 2023

Biden Charges Congress and Regulators to Tighten Bank Rules as SVB and Signature Bank Collapse

Biden said the administration needs to reduce the risks of a future recurrence and protect American jobs and small businesses. The President of the United States Joe Biden has weighed in on the sudden and recent collapse of Silicon Valley Bank (SVB) and Signature Bank (NASDAQ: SBNY). Many SVB clients pulled out their funds from the bank last week, causing the company to decline massively before its eventual demise. The unfortunate exit sparked panic among investors who had also invested in Signature Bank and First Republic Bank (NYSE: FRC). Amid…

Moderna Gains 7% as Cowen Upgrades MRNA Stock from Market Perform to Outperform 

In addition to noting that Moderna will lead the RSV vaccine market, Cowen also referred to major opinion leaders’ belief in the pharmaceutical company competing in a “three-player vaccine market”. Shares of pharmaceutical and biotechnological company Moderna Inc (NASDAQ: MRNA) jumped almost 7% on a stock upgrade by investment banking company TD Cowen. The financial institution upgraded the biotechnological company’s stock from market perform to outperform. The bank’s analysts are confident that the vaccine will “be a leader” in the RSV vaccine market. Moderna closed up 6.95% to $147.90 in…

What is JOMO in crypto trading?

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JOMO stands for the joy of missing out — particularly when a cryptocurrency trader refuses to follow the crowd. This is the opposite of FOMO, or fear of missing out, and it’s the counterbalance to price rallies driven by hype and frenzy. What is JOMO in crypto trading? In crypto trading, JOMO stems from not following the herd, which is often wrong, and ultimately avoiding a potentially big loss. For example, the recurring bullish calls in the Bitcoin market during the 2020-2021 bull run likely prompted many people to buy at the…

Stargate foundation advises DAO against reissuing STG tokens

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Stargate Foundation has advised its decentralized autonomous organization (DAO) against reissuing Stargate’s native Stargate Finance (STG) token due to concerns raised by FTX liquidators. The liquidators have expressed the belief that such a move would violate the automatic stay and could result in legal repercussions. In March 2022, Alameda Research, the former cryptocurrency trading firm, purchased the entire STG auction for $25 million. However, in November of the same year, FTX declared bankruptcy, following which FTX and Alameda’s wallets were hacked for roughly $500 million. The liquidators eventually transferred all assets to…

Biden pledges ‘no cost to the taxpayer’ to shield SVB, Signature depositors

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The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, United States President Joe Biden assured taxpayers that they would not feel the burn as the federal government takes action to protect depositors. On March 11, major stablecoins, including USD Coin (USDC), USDD (USDD) and Dai (DAI), depegged from the U.S. dollar after Circle announced that $3.3 billion of its $40 billion reserves were stuck in SVB.…

Study Shows QR and Digital Payments Continue Gaining Ground in Argentina – Fintech Bitcoin News

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A recent study made by Fiserv, a global payments company, shows that QR and digital wallets have grown significantly as payment options in Argentina. While credit card preference has stagnated, the use of cash for payments has decreased, with only 14% of the polled choosing to use it over other options in the country. Argentina Goes Digital in Payments Arena Argentines are slowly turning to digital payments, including QR code and digital wallet transfers, as part of their everyday arsenal to settle payments, according to a recent study made by…

Bitcoin price nears $25K as analysts place bets on CPI impact

Bitcoin (BTC) eyed key resistance near $25,000 on March 14 as markets awaited key economic data from the United States. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Hopes CPI will bring Bitcoin “consolidation” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making monthly highs of $24,917 on Bitstamp overnight. The pair remained buoyant after the impact of multiple U.S. bank closures sent crypto markets skyrocketing. Now, all eyes were temporarily on the Consumer Price Index (CPI) print for February when it came to short-term BTC price action. A classic…