Tag: Bank

Central Bank of Venezuela Lags in Delivering Economic Data, Experts Fear Upcoming Hyperinflation – Economics Bitcoin News

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The Central Bank of Venezuela is lagging when it comes to delivering economic data this year, failing to publish the inflation numbers for the last four months. Venezuelan economists believe this delay might mean that the country is starting to enter a new hyperinflation period, with the government trying to hide it by not offering up the figures. Central Bank of Venezuela Owes Public Four Months of Economic Data The Central Bank of Venezuela has not published the economic data corresponding to the last four months, making economists worried about…

Swedish pension fund Alecta dumps First Republic Bank shares after price plummets

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Private Swedish pension fund Alecta has sold its shares in First Republic Bank, the American bank struggling to stay afloat after a serious drop in share value, a bank spokesperson announced March 21. Alecta was the bank’s fifth-largest shareholder. Alecta took a loss in the deal after losing funds in the collapses of Silicon Valley Bank (SVB) and Signature Bank. First Republic Bank’s shares fell 87% after SVB was forced to close earlier this month. Regarding the latest developments, Alecta CEO Magnus Billing told Bloomberg: “The uncertainty about First Republic’s future was…

Caitlin Long says bitcoin works as insurance amid ongoing bank runs

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Caitlin Long, the CEO of Custodia bank, said in a recent interview with CNBC that investing in bitcoin (BTC) is an insurance policy given its incredible performance amidst an ongoing bank crisis.  In the interview, Long said that although she could not make a price prediction like Balaji Srinisavan, who said that BTC would hit $1 million in 90 days, she agrees more people are waking up to the instability of the traditional financial system and are looking to bitcoin. Long said that BTC is bullish because stablecoins are losing…

India’s Central Bank Seeking Privacy Legislation for Retail CBDC Users

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US Officials Reportedly Studying Ways to Guarantee Bank Deposits of $17 Trillion amid Crisis

The FDIC and Fed are looking for ways the US government can guarantee all bank deposits amounting to $17 trillion should the financial turmoil worsen. The US government is considering ways to guarantee bank deposits if the current banking crisis worsens. According to reports, the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve are exploring a potential guarantee of all US bank deposits. Officials from both parastatals embarked on this scheme on advice from a banking coalition that deemed it necessary to avert a financial crisis. This development could also mean that the FDIC…

US exploring ways to guarantee the country’s 18T of bank deposits: Report

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U.S. officials are reportedly studying ways to expand the current scope of deposit insurance that would guarantee all U.S. bank deposits should the current banking crisis worsen. The current deposit insurance cap under the Federal Deposit Insurance Corporation (FDIC) stands at $250,000, however, following the collapse of several banks in March, there have been calls to increase that amount. Organizations such as the Mid-Size Bank Coalition of America called on March 18 for the cap to be lifted for the next two years, citing a need to protect depositors and to…

FL Gov. DeSantis Proposes Ban on Central Bank Digital Currency Use as Money – Bitcoin News

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Governor Ron DeSantis of the U.S. state of Florida has proposed legislation to prohibit the use of central bank digital currency (CBDC) as money in his state. “The Biden administration’s efforts to inject a centralized bank digital currency is about surveillance and control,” the governor warned. Governor Ron DeSantis Proposes Law to Prevent Financial ‘Weaponization’ Through a CBDC Florida Governor Ron DeSantis announced “comprehensive legislation” Monday to protect consumers and businesses in his state “from the Biden administration’s weaponization of the financial sector through a central bank digital currency (CBDC).”…

Flagstar Bank Acquires Signature Bank’s Assets and Branches, Excluding Cryptocurrency Operations – Bitcoin News

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On Monday, about a week after the collapse of Signature Bank, the Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank, a wholly owned subsidiary of New York Community Bancorp, acquired 40 former branches of Signature and its assets. Flagstar assumed nearly all of Signature’s deposits, except for $4 billion of deposits related to the bank’s crypto banking business. FDIC Expects $2.5 Billion Loss from Signature Bank Failure, Extends Bid Window for Silicon Valley Bank The FDIC has announced that Flagstar Bank, a subsidiary of New York Community Bancorp, has…

Bank collapses are spurring interest in self-custody startups

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The collapses of Signature Bank and Silicon Valley Bank have left many people in disbelief, with skeptics questioning the stability of the traditional financial system.  Cryptocurrency, sadly, did not do much to capitalize on that skepticism, considering Bitcoin (BTC) tanked at the first sign of trouble for USD Coin (USDC), which briefly lost its peg to the dollar. Still, the crisis also provided a golden opportunity for the crypto industry to demonstrate its resilience and offer viable alternatives. As faith in the traditional banking system wanes due to SVB causing…

First Republic Bank Shares Slump 18% Following Downgrade from S&P

In an attempt to save First Republic Bank, a number of mainstream banking giants have decided to come to the bank’s aid with a total deposit of $30 billion. The shares of San Francisco-based financial services firm, First Republic Bank (NYSE: FRC) are tumbling in today’s Pre-market after the firm got a downgrade from the top credit rating agency, S&P Global Ratings. As reported by CNBC, the embattled bank was downgraded to B+ from BB+ over the weekend after first downgrading it to junk status in the past week. The…