Day: April 28, 2023

FDIC Cites Poor Management, Contagion Risk as Key Contributors to Signature Bank Failure

The Federal Deposit Insurance Corporation (FDIC) published a 63-page report outlining issues Signature faced, attributing its failure to “poor management,” saying the bank heavily relied on uninsured deposits, did not have strong liquidity risk management practices and maintained poor risk management in general. These factors were exacerbated by a bank run spurred by the collapse of the other banks, the report said. The bank servicing the crypto industry was also cited as a major risk factor. Source

Operation Choke Point 2.0 Is SEC’s ‘Chemotherapy’ for $14B Ponzi Problem, Crypto Banking Firm BCB’s CEO Says

“Events of the last six months have put a damper on entities wanting to bank this space [crypto],” said another panelist, Richard Booth, chief compliance officer of Fortress Trust Company. “But it’s legal business and I think that every business in this country is entitled to access to banking rails.” He added that “the regulation, I think, needs to be matured. Congress has clearly advocated what they’re supposed to be doing and the regulators are struggling to keep up.” Source

Price analysis 4/28: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

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Bitcoin and select altcoins continue to face selling at higher levels, a sign that the bears have not yet given up. The cryptocurrency market witnessed sharp volatility on April 26 on rumors that large sums of Bitcoin (BTC) were on the move from the wallets linked to the defunct cryptocurrency exchange Mt. Gox and the United States government. A minor positive is that Bitcoin and select altcoins held their respective support levels. After Bitcoin’s sharp rally in 2023, some traders seem to be planning to book profits. Coinglass reported that…

Bitcoin Blockchain Surpasses 2 Million Ordinal Inscriptions Milestone in Just Over 4 Months – Bitcoin News

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As of April 28, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain has exceeded 2 million, according to current statistics. This milestone has been reached within just over four months since the first Ordinal inscription was minted on December 16, 2022, at block height 767,753. In total, inscription minting fees have amounted to 196.22 bitcoin, equivalent to $5.78 million. More Than 2 Million Ordinal Inscriptions Are Now Engraved Into the Bitcoin Blockchain The trend of Ordinal inscriptions on the Bitcoin blockchain continues to grow, with over 2,116,396 inscriptions…

Cryptos explode higher in Q1 2023, bitcoin recovers

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The rise of bitcoin from $16,000 at the beginning of 2023 to a new yearly high of $30,000 might signify the end of the crypto winter. The Q1 2023 crypto exchange report shows that the market significantly improved from the 2022 crypto winter that saw a drop in token prices and fall of major exchanges. Crypto market value up 50% in Q1 2023 The crypto market value in Q1 2023 has increased by nearly 50%, from…