Day: March 14, 2023

Here are the crypto firms denied exposure to troubled US banks

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Amid the ongoing United States banking crisis, a wide number of major cryptocurrency firms have denied exposure to dissolved U.S. banks like Silicon Valley Bank (SVB). As potential implications of the SVB crisis for the crypto market continue to unfold, Cointelegraph highlighted several major crypto firms that have declared to be unaffected by the issues so far. Tether Tether, the operator of the eponymous USD-pegged stablecoin, USDT (USDT), was one of the first companies to deny exposure to SVB and other troubled U.S. banks as of mid-March. On March 12,…

Crypto skeptic Peter Schiff says bitcoin price surge is not sustainable  

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Peter Schiff has criticized bitcoin’s (BTC) recent bullish momentum, arguing that the orange coin’s over 20% price increase in the past seven days is just a flash in the pan. While the world’s flagship cryptocurrency, bitcoin, has lost a large chunk of its gains since reaching its all-time high (ATH) of nearly $70k in late 2021, the recent collapse of Wall Street lenders like Silicon Valley Bank (SVB) has somehow ushered in renewed investor confidence and optimism in the crypto space, triggering a robust bullish push in the digital assets…

$145M transferred to crypto exchanges

Amid the multiple ongoing investigations, FTX continues to move funds. The addresses, related to the failed crypto exchange, reportedly transferred around $145 million in stablecoins to a range of operating platforms.  As Lookonchain spotted on March 14, three wallets, associated with both FTX and its subsidiary, Alameda Research, have moved 69.64 million USDT and 75.94 million USDC. The Tether reserves have gone to custodial wallets on such platforms as Coinbase, Binance and Kraken. All funds in USDC were transferred to Coinbase custodial wallet. Both FTX and Alameda are in the…

Spain Prepares to Expand Offer of Gold Bullion Coins for Investors – News Bitcoin News

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The government of Spain has approved the resources for a new issuance of gold bullion coins, which will be directed to satisfy a higher estimated demand for these instruments. The Spanish National Coin Factory will purchase 40 million euros in high-quality gold pieces for this batch, a significantly higher amount of gold compared to the two series issued before. Spanish National Coin Factory Prepares Gold Bullion Coin Issuance Spain is preparing the issuance of a new gold bullion coin to satisfy the demand of the market for such instruments. In…

GTLB Stock Drops Over 30% as GitLab Issues Misses Forecast Revenue

The GTLB stock came under severe selling pressure in the aftermarket hours on Monday since the projected revenue stood less than the estimates. On Monday, March 13, GitLab Inc (NASDAQ: GTLB) stock plunged by more than 31% in the extended trading session after the software company gave full-year revenue guidance falling short of expectations. The company’s revenue stood at $122.9 million against the expected $119.6 million. It also managed to narrow its losses at 3 cents per share, adjusted, vs. the expected loss of 14 cents per share. As per…

California Court of Appeal Signs Off on Uber and Lyft to Tag Drivers as Contractors

The verdict has helped bolster the recovery of both Uber and Lyft stocks in the pre-market today. The Californian Court of Appeals has overturned a lower court’s decision that sought to classify drivers working for ridesharing firms like Uber Technologies Inc (NYSE: UBER) and Lyft Inc (NASDAQ: LYFT) as independent contractors. As reported by CNBC, the objection to Proposition 22 which was voted for by California residents was raised by a group of drivers who sued the firm. Proposition 22 was approved by California voters back in November 2022. Per…

CFTC Announced New List of Members from Circle, TRM for Tech Advisory

The partnership of the CFTC with the industry professional seems to be in stark contrast with the other US agencies, such as the SEC, which has presented itself very coldly towards cryptocurrencies. The Commodity Futures Trading Commission (CFTC) declared the former White House Official Carole House as the new chair and blockchain analysis firm TRM Labs’ Ari Redboard as the vice chair of its Technology Advisory Committee. The CFTC disclosed a list of its members to the committee on Monday, declaring a newly-elected committee that is being backed by Commissioner…

BlockFi Bankruptcy Attorney Describes Digital Assets Lender as Safe amid Silicon Valley Bank Crisis

Christine Okike said BlockFi remains safe and looked to access significant cash held with Silicon Valley Bank yesterday.  Despite the Silicon Bank exposure, a BlockFi bankruptcy lawyer maintains that the digital asset lender is safe and in no immediate danger. The lawyer, Christine Okike, stated that the embattled New Jersey-based company also has sufficient funds to continue normal operations. As Okike of Kirkland & Ellis said on behalf of BlockFi at a Monday bankruptcy hearing: “BlockFi is fine; we have access to cash to operate in the normal course, including paying employees…