Day: May 7, 2023

Swedbank Strategist Says US Banking Crisis Is Spreading — Warns of More Banks Failing in ‘Vicious Spiral’ – Economics Bitcoin News

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A strategist at Swedbank, a Swedish bank, has warned that the regional banking crisis in the U.S. is spreading. After several bank failures, he stressed that Pacwest Bank, Western Alliance Bank, and First Horizon Bank have all been “subject to financial meltdowns.” Swedbank on U.S. Banking Crisis Spreading Pär Magnusson, a fixed income strategist at Swedbank, a Swedish bank based in Stockholm, has warned about the spreading of the U.S. banking crisis. He reportedly said: After Silicon Valley Bank, Signature Bank, First Republic Bank and now potentially Pacwest Bank, Western…

More ethereum holders moving coins to centralized exchanges, on-chain data shows

A crypto trader expects ethereum (ETH) prices to fall or slow down in the days head. This comes after on-chain monitor, LookOnChain, revealed that more ETH holders are moving coins to centralized cryptocurrency exchanges like Binance and Kraken. Ethereum prices consolidate Presently, ETH prices remain in consolidation with reaction points between $1,800 and $2,015 based on the price action of the last two weeks. According to CoinMarketCap, ETH is down 1.8% in the last 24 hours, trading at $1,908 at press time. Due to the past few days’ poor performances,…

Digital Assets for 1 Billion Rubles Issued in Russia in a Month – Bitcoin News

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Platforms authorized by the Russian government issued digital assets worth around a billion rubles in April, the local press reported. The spike in the volume has been attributed to Russian companies experimenting with new financial instruments amid limited access to traditional capital. Russia’s Digital Assets Market Livens Up as Capital Markets Dry Up for Russian Businesses Seven placements of digital financial assets (DFAs) for a total of about 1 billion rubles ($13 million) were made in Russia last month, the Kommersant reported. Experts quoted by the business daily note that…

Binance Reportedly Investigated in US for Russia Sanctions Violations – Exchanges Bitcoin News

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Cryptocurrency exchange Binance is facing a U.S. probe over suspected violations of sanctions against Russia, according to a media report. The inquiry is looking into whether the trading platform was used by Russians to circumvent financial restrictions imposed over Moscow’s invasion of Ukraine. Crypto Exchange Binance Faces Another US Probe, Sources Say The U.S. Department of Justice (DOJ) is trying to establish if Binance Holdings, the operator of the world’s largest crypto exchange, has been used to allow Russians to evade Western sanctions, Bloomberg revealed, quoting multiple sources familiar with…

Deloitte integrates blockchain for digital credentials

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Big Four accounting firm Deloitte has integrated blockchain technology to enable its customers to verify themselves with a single credential wallet, in an effort to streamline the “typically inefficient” verification processes. In a May 4 statement, Deloitte announced it has integrated KILT blockchain technology, a Polkadot (DOT) parachain, to issue reusable digital credentials to streamline Know Your Customer (KYC) and Know Your Business (KYB) verification processes. Establish a digital identity with Deloitte and keep control of your data, sharing only the data you want to share. We are launching a…

Bitcoin Provides Insurance Against Fiat Currency Failure, Says Validus Power Corp.’s Greg Foss – Bitcoin News

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On May 4, in a recent Youtube video, Validus Power Corp.’s executive director, Greg Foss, discussed the potential for the banking industry’s failures to wipe out $10 trillion in equity. Foss expressed his support for “hard assets” such as real estate, gold, and bitcoin. He believes that bitcoin, the leading crypto asset, is one of the best hard assets available. According to Foss, bitcoin provides insurance against “the failure of a basket of fiat currencies.” Foss Supports Holding Hard Assets Like Real Estate, Gold, and Bitcoin In less than two…

Lawyer Expects SEC to Lose if It Sues Coinbase Due to ‘Fatal Flaw’ of Gary Gensler’s Own Making – Bitcoin News

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A lawyer has explained why the U.S. Securities and Exchange Commission (SEC) will likely lose if the regulator takes crypto exchange Coinbase to court over alleged securities law violations. “The problem is entirely of Gary Gensler’s own making,” he stressed. Lawyer Expects SEC to Lose Against Coinbase in Court Lawyer James Murphy explained in a series of tweets Wednesday why he believes the U.S. Securities and Exchange Commission (SEC) will lose if it takes Coinbase to court. Murphy started law firm Murphy & McGonigle in 2010 to represent clients in…

Stripe tackles ‘cold start problem’ with the launch of fiat-to-crypto onramp

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Internet payment processor Stripe has introduced a fiat-to-crypto onramp to address the “cold start problem” faced by Web3 companies as a result of customers not having “crypto in their wallets to carry out transactions.” According to a May 4 statement, Stripe’s newly launched fiat-to-crypto onramp – which will be hosted by Stripe itself – will enable Web3 companies to provide US-based customers with the ability to purchase crypto “at the precise moment they need it,” without the need to embed any code into a website or app. Guillaume Poncin, head…

We Are Running Out of Time to Fix This Problem – Economics Bitcoin News

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Billionaire Bill Ackman has warned that “We are running out of time” to fix the problem that led to the collapses of regional banks. “How many more unnecessary bank failures do we need to watch before the FDIC, U.S. Treasury, and our government wake up?” he stressed, adding that “We need a systemwide deposit guarantee regime now.” Ackman Calls for Urgent Action as Time Runs Out to Prevent More Bank Failures Billionaire Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, has warned that time is running out…

Fed Reveals 722 Banks Reported Unrealized Losses Over 50% of Capital as Concerns Over US Banking Crisis Grow – Economics Bitcoin News

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The U.S. Federal Reserve has revealed that 722 banks reported unrealized losses exceeding 50% of their capital at the end of the third quarter of 2022. “Rising interest rates are creating significant unrealized losses in investment securities and in some cases depressing tangible equity,” according to the Fed’s Division of Supervision and Regulation. 722 Banks Reported Unrealized Losses of More Than 50% of Capital The U.S. Federal Reserve has revealed in a board presentation by the Division of Supervision and Regulation that 722 banks reported unrealized losses exceeding 50% of…