Day: March 16, 2023

Crypto Observers Believe U.S. Banking Crisis Could Strengthen Crypto Ecosystem in the Long Term

Elsewhere, Jonathan Zeppettini, strategy Lead at Decred, said: “The situation with Silvergate, Silicon Valley Bank, and Signature is a combination of a few things; banks failing to properly hedge interest rate risk, a classic bank run stemming from that illiquidity as they are forced to realize losses if they do not hold those assets to maturity, and opportunism by regulators to force the unwind of banks that are seen as “crypto-friendly.” Source

JPMorgan Strategists Says US Fed Could Inject $2T into Banking System

The trio of the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corporation (FDIC) have been pledging support to depositors. Analysts at American banking giant JPMorgan Chase & Co (NYSE: JPM) believe the Federal Reserve will inject massive liquidity into the banking ecosystem to help cushion the current crisis in the industry. The strategists, led by Nikolaos Panigirtzoglou said the funds that will be injected into the system could be as high as $2 trillion. “The usage of the Fed’s Bank Term Funding Program is likely to be…

ICO reaches agreement with Easylife Ltd

The Information Commissioner’s Office (ICO) has reached an agreement with Easylife Ltd (Easylife) to reduce the monetary penalty notice (MPN), issued for breaching the Data Protection Act 2018, to £250,000. Easylife accepts the ICO’s findings set out in the MPN and has agreed to pay the reduced fine. The ICO fined Easylife on 4 October 2022. This followed an investigation which found the company was making assumptions about customers’ medical conditions, based on their purchase history, to sell them further health related products. The ICO found this involved the processing…

Meta Announces 10,000 Layoffs in ‘Year of Efficiency’ Move; Singles Out AI Over Metaverse as ‘Largest Investment’ – Bitcoin News

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Meta, the social media company, will continue to shed part of its workforce, recently announcing 10,000 new layoffs to be executed during 2023 as part of its new efficiency policy. Mark Zuckerberg, CEO of the company, stated that artificial intelligence (AI) was currently the company’s most prominent investment, even over the metaverse. Meta Announces 10,000 Layoffs, Striving to Achieve Sustainability Meta, the parent company of platforms like Facebook, Instagram, and Whatsapp, has announced a new set of moves as part of its “year of efficiency” policy. In a Facebook post,…

Analyst Says Crypto Could Hit $100,000 with Bump & Run Reversal Price Pattern

Some analysts recently weighed in on Bitcoin price prediction as the prominent token appears set to embark on another rally.  Bitcoin (BTC) price prediction sees some analysts argue that the leading digital currency could hit $100,000. As it stands, BTC has found support at the $24,000 threshold after climbing from under $20K over the past few weeks. Amid talks of a bullish rally, Capriole chief executive Charles Edwards argues that the popular crypto is on a “bump & run reversal.” According to Edwards, this pattern demands substantial upside and could…

Circle CEO Says Stablecoin Issuer Seeks to Save Crypto from Banks

Circle CEO Jeremy Allaire to save crypto following the collapse of some major mainstream banks, including Silicon Valley Bank.  Circle CEO Jeremy Allaire recently disclosed that the USDC stablecoin issuer wants to save crypto from fallen banks. In an interview, Allaire touched on the adjustments the peer-to-peer payments technology company made following Silicon Valley Bank’s recent collapse. According to the Circle CEO, around $3.3 billion worth of funds was in transit from Silicon Valley to BNY Mellon. Allaire also questioned the narrative suggesting the protection of the mainstream banking system from digital currencies.…

US Federal Reserve Set to Float FedNow Payment Service in July

With the emergence of the FedNow payment system, the need for a digital dollar is now being pushed back to the sidelines by the Fed leaders. The United States Federal Reserve has announced that its long-awaited FedNow Instant Payment system is set to go live in July. In the details shared to capture its preparations for launch, the apex banking regulator said the vetting process through formal certification of participants will kickstart at the beginning of April. The FedNow is the government’s noted solution to the innovations being embodied by…

Binance-Voyager deal to go without holdings, NY judge rules

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The District Court of the Southern District of New York declined the United States government’s reasonings for halting the acquisition of bankrupt brokerage company Voyager by Binance.US. According to Judge Michael Wiles, any protractions with the deal will harm the interests of Voyager’s former clients, who are waiting to return their funds.  The decision to deny the government’s motion came on March 15. In it, Judge Michael Wiles realleges his prior approval of Voyager Digital’s Chapter 11 bankruptcy plan, which suggests selling billions of dollars in assets to Binance.US in…