Month: March 2023

Coinbase is planning to set up crypto trading platform outside US: Report

Cryptocurrency exchange Coinbase is reportedly planning to set up a crypto trading platform outside the United States, where it is currently headquartered. According to a March 17 Bloomberg report, Coinbase discussed setting up the non-U.S. platform with some of its institutional clients. The reported move came amid many U.S. lawmakers and regulators taking aim at crypto firms for their perceived role in the failure of Silvergate Bank, Silicon Valley Bank, and Signature Bank. U.S. regulators including the Securities and Exchange Commission have been cracking down on certain crypto companies in…

Web3 Offers a Cure to Toxic Pop Culture

A meaningful future of fandom in Web3 can mean many things: a culture of loyalty, financial freedom, collective ideals and ownership, shared success and even challenges. While we’ve come a long way as an industry and community, we still have a long way to go to pave a new path for fandom, whether around technology, communities or creators. An innovative culture of fandom in Web3 has the potential to be about more than just your pfp [profile pic], favorite Discord, oversized hoodie or who’s at your dinner table in that…

$7.4B Dollar-Pegged Tokens Withdrawn From Circulation – Altcoins Bitcoin News

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During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed. Stablecoin Depegging Event Triggers Billions in Redemptions The stablecoin landscape has undergone significant changes this month after a stablecoin depegging event took place on March 11. During this time, USDC dropped to a low of $0.877 per coin, and half a dozen other stablecoins also…

This Crisis Will Define the Future of Money

The recent collapse of three high-profile banks – Silicon Valley Bank, Silvergate Bank and Signature Bank – has caused worrying outflows at hundreds of regional banks. Now, with the U.S. Federal Reserve creating a new backstop facility reportedly worth $2 trillion and Switzerland’s central bank bailing out Credit Suisse to the tune of $54 billion, the echoes of prior crisis in 2008 and 2013 are loud. Source

SVB collapses, USDC depegs, Bitcoin still up

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Crypto investors should know by now that it doesn’t take much to topple a distressed multi-billion-dollar firm. On March 10, California regulators officially shut down Silicon Valley Bank (SVB) 48 hours after the company disclosed it was in financial distress. As Cointelegraph reported at the time, SVB is the first Federal Deposit Insurance Corporation (FDIC)-insured bank to fail in 2023. That crucial detail prompted federal regulators in the United States to step up and backstop SVB depositors before a bank run could ensue. Although government protections weren’t enough to stem…

Did regulators intentionally cause a run on banks?

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Global economic conditions are tightening; interest rates are in flux; and inflation has yet to be curbed. Considering the economic headwinds, the fact that Silvergate Bank, Silicon Valley Bank and other banks are breaking is not surprising.  But why now? Quickly rising interest rates are extremely disruptive to banking models, but the collapse of these particular banks has raised eyebrows. It just so happens that these banks are important to the crypto industry. Selective enforcement in service of an agenda Government agencies often use the selective enforcement of convoluted or…

Banking crisis: What does it mean for crypto?

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Cointelegraph breaks down the main events that led to the collapse of Silvergate, SVB and Signature Bank and explains what this all could mean for crypto. Last week’s rapid collapse of Silvergate, Silicon Valley Bank (SVB) and Signature Bank has highlighted the fragility of the traditional banking sector while depriving crypto of its primary fiat on-ramps in the United States. Most observers agree that the collapse of SVB, like the one of Silvergate, was largely the result of unfavorable market conditions and poor risk management.  The shutdown of Signature was…