Tag: Bank

Bitcoin surpasses $24k despite the recent bank collapses

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Bitcoin (BTC) surged almost 10% in the recent 24 hours, crossing a critical threshold of $24,000. The move comes as the US president has addressed the bank system’s stability. The latest series of bank collapses in the US has triggered a market-wide FUD (fear, uncertainty and doubt) among crypto investors. This caused a massive drop in cryptocurrencies’ prices, including bitcoin (BTC). The flagship digital currency, however, witnessed a quick recovery alongside the global crypto market capitalization.  Bitcoin is up by over 9% in the past 24 hours and trading above…

Biden Charges Congress and Regulators to Tighten Bank Rules as SVB and Signature Bank Collapse

Biden said the administration needs to reduce the risks of a future recurrence and protect American jobs and small businesses. The President of the United States Joe Biden has weighed in on the sudden and recent collapse of Silicon Valley Bank (SVB) and Signature Bank (NASDAQ: SBNY). Many SVB clients pulled out their funds from the bank last week, causing the company to decline massively before its eventual demise. The unfortunate exit sparked panic among investors who had also invested in Signature Bank and First Republic Bank (NYSE: FRC). Amid…

HSBC Acquires Silicon Valley Bank UK — Sale Facilitated by Government, Bank of England – Finance Bitcoin News

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The British government and the central bank, the Bank of England, have facilitated a private sale of Silicon Valley Bank UK to HSBC, according to Chancellor of the Exchequer Jeremy Hunt. He stressed that “Deposits will be protected, with no taxpayer support.” British Government Announces Acquisition of Silicon Valley Bank UK by HSBC HSBC has acquired Silicon Valley Bank UK (SVB UK), the British subsidiary of Silicon Valley Bank (SVB) that was shut down by U.S. regulators on Friday. British Chancellor of the Exchequer Jeremy Hunt tweeted Monday: This morning,…

US Fed faces internal probe over Silicon Valley Bank failure

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The Federal Reserve is investigating the factors that led to the failure of Silicon Valley Bank — including how it supervised and regulated the now-collapsed financial institution. In a Mar. 13 announcement, the Federal Reserve outlined that Vice Chair for Supervision Michael Barr is “leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure,” with a review set for public release by May. 1. “The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve,” Chair Jerome…

FDIC to attempt another auction of Silicon Valley Bank: Report

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Silicon Valley Bank (SVB) could be returning to the auction block with United States regulators taking a second attempt at finding a buyer for the now-collapsed bank.  According to a Mar. 13 report from the Wall Street Journal, the Federal Deposit Insurance Corporation (FDIC) told Senate Republicans that they now have additional flexibility to sell the bank after regulators declared the SVB collapse a threat to the financial system. The regulators first attempted an auction of the fallen bank on Mar. 11 — only a day after its closure. Bids…

Bitcoin BTC Price Spike to $24.5K Stemmed From Regulators’ Bank Interventions, Binance Stablecoin Conversion, Investor Hopes for Fed Dovishness

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“The loss of Silvergate, SVB and Signature is devastating for US-based crypto companies,” Frank wrote. “That said, the crypto market has at least temporarily responded to the bailouts well. In light of the uncertainty surrounding banking in the US, the narrative of Bitcoin as a hedge and safehaven has gained steam.” Original

Deposits held at Signature Bank are secure and available

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Crypto mining firm Marathon Digital Holdings has assured investors that the firm’s cash deposits at Signature Bank are secure and available for use as of Mar. 13. In a statement following the closure of New York’s Signature Bank, Marathon disclosed that it has approximately $142 million in cash deposits at Signature Bridge Bank. The Signature Bridge Bank was set up by the United States Federal Deposit Insurance Corporation (FDIC) to manage customer accounts at the recently shut-down Signature Bank. The bridge bank is aimed at ensuring the flow of funds is not…

Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects ‘Anti-Crypto’ Message Behind Signature Bank Failure – Bitcoin News

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Barney Frank, a former member of the U.S. House of Representatives from Massachusetts and leading co-sponsor of the 2010 Dodd-Frank Act, discussed his opinion on the recent failure of Signature Bank. In an interview, Frank stated that he believes regulators aimed to “send a very strong anti-crypto message.” Frank, who also serves as a Signature board member, explained that he was surprised by the financial institution’s demise. The Third-Largest Bank Failure in U.S. History: Signature Bank’s Demise was Confusing to Company Executives New York regulators from the Department of Financial…

Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits – Bitcoin News

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Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for New Banking Partners in the United States Circle Financial has announced a new banking partner following the depegging of its stablecoin, usd coin (USDC), from the U.S. dollar over the weekend. CEO Jeremy Allaire said…

FDIC Planning to Try Auctioning Silicon Valley Bank Again: WSJ

Grant Butler, an attorney at the K&L Gates law firm, told CoinDesk the SVB receivership is structured differently from the Signature Bank receivership. SVB has been structured to try and liquidate its assets, while Signature was set up with the apparent expectation of a buyer, which allowed for operations to remain uninterrupted. Source