Tag: Bank

US Stocks on a Bullish Run as the Worst of Bank Run Has Passed

As the events in the banking ecosystem riled the market, tech stocks that are generally known to power growth underperformed for the month.  The United States (US) stock market is on a bullish run today as marked by the second consecutive day of gain by top indices as investors fear the worst of the bank run has passed. The Nasdaq Composite (INDEXNASDAQ: .IXIC) is leading the market momentum after inking a 0.73% growth, adding more than 87 points to close Thursday’s session at 12,013.47. The broader stock benchmark, the S&P…

Crypto industry pushed to bank with institutional investors

Crypto YouTuber Lark Davis points to several significant events have been unfolding in the cryptocurrency space, and how big banks are entering the space. Among these developments are MicroStrategy’s additional bitcoin purchase, the launch of the first zero-knowledge proof Ethereum virtual machines, MetaMask’s new sign-in feature, and the Nasdaq stock exchange’s plan to introduce crypto custody services. MicroStrategy, a leading cryptocurrency intelligence firm, has acquired an additional $150 million worth of bitcoin, bringing its total holdings to $138,955. The firm recently paid off a $161 million loan from Silvergate Capital,…

Australian ‘Big Four’ bank ANZ halts cash withdrawals from many branches

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ANZ, one of Australia’s “Big Four” banks, will cease facilitating withdrawals and deposits from a number of its Australian branches as it looks to push its customers toward using an ever-dwindling number of ATMs and deposit machines. The decision has received pushback, with critics such as Patricia Sparrow, CEO of the Council on the Ageing, telling The Australian that the change could disproportionately affect older people who are less capable of going digital. Others have suggested it would make fiat users more susceptible to technical issues. The move has also renewed fears…

While Biden and Trump Blame Each Other for Bank Failures, Others Believe the Cause Might Be a Management Issue – Economics Bitcoin News

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The recent banking failures involving the fall of Silicon Valley Bank (SVB), Signature Bank, and Silvergate Bank, have high-profile government individuals trying to find a culprit. U.S. President Joe Biden and former President Donald Trump have publicly blamed each other’s policies for the outcome, but according to some analysts, the problem might be ignorance in the banking system. Biden and Trump Scuffle on Bank Failures’ Causes The recent banking crisis that the U.S. is currently facing after the fall of three medium-size banks (Silicon Valley Bank, Signature Bank, and Silvergate…

Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher Regulations – Regulation Bitcoin News

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On Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, held a hearing to discuss the recent bank collapses in the United States and the regulatory response. Throughout the testimonies, digital assets and crypto businesses were mentioned. Senate Banking Committee chairman Sherrod Brown claimed on Tuesday that Signature Bank “found itself in the middle of Sam Bankman-Fried’s crime spree at the crypto exchange FTX.” Regulators Highlight Bank Exposure to Crypto Asset Businesses in Senate Banking Committee Hearing About Bank Failures Following…

Top U.S. Treasury Official Says Crypto Had No ‘Direct Role’ In Bank Failures

The two regional lenders – and a smaller institution, Silvergate Bank, that arguably sparked the recent blaze that spread through U.S. banking – took business risks that undermined their resilience, according to their regulators. Federal Reserve Vice Chairman for Supervision Michael Barr said the trouble with SVB, for instance, was rooted in “classic interest rate risk management.” Source

What the Bank of England’s Stablecoins Regime Could Look Like

“I like … the additional objective of ensuring the return or transfer of funds because not only does it give added confidence to consumers by directly mitigating their risk, it would also act as a catalyst to increase the adoption of crypto as a means of payment,” said Asim Arshad, a senior associate at Mackrell Solicitors, a London based law firm, in an interview with CoinDesk. Source

UAE Central Bank Implements Digital Currency Strategy – Emerging Markets Bitcoin News

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The central bank in the United Arab Emirates said it has started implementing its digital currency strategy with partners G42 Cloud and R3. According to the central bank, the digital currency initiative is expected to “further position and solidify the UAE as a leading global financial hub.” CBDC Strategy to Focus on Three Pillars The United Arab Emirates (UAE) central bank recently said it would start implementing its digital currency strategy with its two partners G42 Cloud and R3. According to a report, the UAE’s apex bank’s two partners are…

Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses – Bitcoin News

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According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with the help of state officials, “turned to the task of purging their accounts from each of the banks subject to their supervision.” Constitutional Issues Raised by Operation Chokepoint 2.0: Depriving Businesses of Due Process and…

European Banking Federation shares its vision of digital euro, wCBDC, bank tokens

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The European Banking Federation (EBF) has released a paper detailing its vision for the digital money ecosystem of the future, and the retail digital euro in particular. The carefully worded paper expressed values and concerns about the digital euro from the perspective of commercial banks.  The paper, released on March 28, emphasized the bank’s values, such as stability and privacy. It called for closer public-private partnership in the introduction of the digital euro. “There is currently no dialogue in place to address the fundamental changes and risks to the monetary…