Day: March 16, 2023

Swiss National Bank Extends $54 Billion Lifeline to Credit Suisse amid Crisis-Like Situation

The Credit Suisse stock jumped by over 40% in Thursday’s opening trade as the %54 billion credit line extended by the Swiss National Bank comes as a major relief. The global financial and banking system seems to be under major stress with veteran bank Credit Suisse facing a crisis-like condition. On Wednesday, March 15, shares of Credit Suisse plunged to an all-time low falling more than 24% all the way to 2 Swiss francs ($2.17). The ripples of the same were visible across the European banking stocks on Wednesday’s trading…

Adobe Reports Record Revenue in Q1 Fiscal 2023, ADBE Shares Up 5%

Adobe reported revenue of $4.66 billion, up 9 percent YoY, against an estimated $4.62 billion by Wall Street. Adobe Inc (NASDAQ: ADBE), an American multinational computer software company, reported its financial results for the first quarter of fiscal 2023 which ended on March 3. During the first quarter, Adobe reported earnings results that beat analysts’ estimates and lifted its full-year forecast. As a result, ADBE shares rose over 5 percent during the after-hours trading session to trade around $350.80. The $152.6 billion valued company reported earnings per share of $3.80…

India and UAE to Collaborate on Interoperable CBDC

By issuing a CBDC, the UAE hoped to address its cross-border payment challenges and ‘drive innovation for domestic payments’. India and the United Arab Emirates have agreed to collaborate on an interoperable CBDC. This will facilitate cross-border remittances and sales transactions. The collaboration could lead to other such partnerships between countries and spur further adoption of digital currencies. According to the press release, the Reserve Bank of India and the Central Bank of the United Arab Emirates signed a memorandum of understanding that allows the two apex banks to develop…

FDIC asked Signature buyers to stop all crypto business: Report

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The United States’ Federal Deposit Insurance Corporation (FDIC) has reportedly asked potential rescuers of some failed U.S. banks to not support any crypto services. The FDIC regulators have asked banks interested in acquiring failed U.S. lenders like Silicon Valley Bank and Signature Bank to submit their bids by March 17, Reuters reported. The authority will only accept bids from banks with an existing bank charter, prioritizing traditional lenders over private equity firms, the report notes, citing two sources familiar with the matter. The FDIC aims to sell entire businesses of…

Fidelity Digital Assets Expands ‘Fidelity Crypto’ to Public amid Banking Crisis

Fidelity Digital Assets expanded its crypto service to the public amid the collapse of Silvergate and Signature Bank. After Fidelity Digital Assets announced an early waitlist for crypto trading in November 2022, Fidelity Crypto is now accessible to the public. The asset manager quietly opened access to the new offering, allowing users to trade Bitcoin and Ether. With millions of users globally, commission-free trading has begun via Fidelity Crypto, according to the digital assets management company. People familiar with the matter revealed that the complete launch of the crypto trading services rolled out over…

Bitcoin Held in Funds Drops to Lowest Since October 2021, ByteTree Data Shows

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Crypto acted as safe haven amid SVB and Signature bank run: Cathie Wood

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Amid all the chaos around multiple bank runs in the United States, Cathie Wood, CEO of asset management firm ARK Invest, said cryptocurrencies acted as a safe haven amid the ongoing banking crisis in the United States. She blamed the recent downfall of the likes of Silicon Valley Bank (SVB), Signature and others on the Fed’s policy failure. Cryptocurrency prices shot up in double digits, with Bitcoin (BTC) and Ether (ETH) touching new multimonth highs amid the U.S. banking crisis. In a Twitter thread on March 16, Wood criticized the Federal…

Founder of Crypto Exchange Bitzlato Denies US Charges – Exchanges Bitcoin News

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The founder of cryptocurrency exchange Bitzlato has denied guilt in a money laundering case in the United States. Anatoly Legkodymov was arrested in Miami, in mid-January, for his role in running the trading platform which allegedly processed over $700 million in illicit funds. Bitzlato Founder Legkodymov Appears in US Court Anatoly Legkodymov, one of the founders and majority owner of the Russia-linked crypto exchange Bitzlato, has made his first appearance in New York federal court on Tuesday, the Law360 portal reported. He has been ordered held without bail over allegations…