CryptoX – Cryptocurrency Analysis and News Portal Pressure on the U.S. banking system is questioning whether the Fed can push ahead with such an aggressive tightening cycle, analysts at ING said. Source The post Silicon Valley Bank Rocks Crypto and Equity Markets Ahead of Nonfarm Payrolls appeared first on CryptoX. CryptoX Portal
“Silicon Valley Bank (SIVB), another crypto-friendly bank, comes under pressure. The bank is generally regarded as one of the default fallback options for industry participants impacted by the collapse of Silvergate. Operation Chokepoint 2.0 continues tightening its grip,” Ilan Solot, co-head of digital assets at Marex, said in an email, referring to Silvergate Bank, a crypto bank that is closing down, and to a government crackdown in 2013 on banks that did business with the gun sellers. Source
Silicon Valley Bank operating as SVB Financial Group is seeing the worst of its days with its share price plunging by 23.52% in the Pre-Market, following a massive slump of 60.41% on Thursday. Considering the massive selloff in the bank’s stock, SVB Financial Group (NASDAQ: SIVB) is now changing hands at $81.10 in what is regarded as the worst week for the firm in about a decade. The strain in the company’s stock stems from its latest fundraising through $1.75 billion in share sales. The company launched the raise this…
Crypto venture capital firms advised their portfolio companies to pull their investments from American commercial bank Silicon Valley Bank (SVB). Specifically, five crypto-focused venture capital investors have urged portfolio companies to withdraw their funds from the banks as a precaution. This comes as Silicon Valley Bank Financial Group (NASDAQ: SVB) struggles to convince clients after a capital raise resulted in a major stock collapse. The bank announced proposed offerings of $1.25 billion of its common stock on March 8 to shore up its balance sheet. According to the financial institution, it…
Fears have been heightened over the future of another United States bank this week after Silicon Valley Bank (SVB) announced a significant sale of assets and stocks aimed at raising additional capital. However, some investors may be concerned that not all is well at the tech startup and VC-focused bank, particularly given the closure of crypto bank Silvergate just a day earlier. Shares in Silicon Valley Bank collapsed over 60%, wiping some $80 billion in value from the bank’s shares. SVB is one of the top 20 largest banks in…
Federal Reserve Chairman Jerome Powell has provided an update on the Fed’s central bank digital currency (CBDC) work in a hearing before the House Financial Services Committee. While stating that the Fed is “making progress on technological issues,” Powell stressed that “policy issues are equally important.” Fed Chair Powell on CBDC Progress During a hearing before the House Financial Services Committee on Wednesday, Congressman Stephen Lynch (D-MA) asked Federal Reserve Chairman Jerome Powell for an update on the Fed’s work regarding a possible central bank digital currency (CBDC), the digital…
But because they weren’t, the industry now is likely to have a difficult time attracting traditional firms into the crypto banking industry, Jim Bianco, president of Bianco Research LLC, says. Source
CryptoX is a multi-platform publisher of news and information. CryptoXtrade has earned a reputation as the leading provider of cryptocurrency news and cryptomarket analysis, bitcoin and other cryptocurrencies, blockchain technology, finance and investments. CryptoXtrade have become a known leader in the cryptocurrency information market. We work only with trusted information sources providing latest financial and technological innovations that improves the quality of life of CryptoX readers by focusing on Cryptocurrency and Blockchain. CryptoX Portal
Bitcoin, ether and other major cryptocurrencies turned red as the crypto-focused lender’s crisis continued to unfold. Source
The National Bank of Ukraine (NBU) has expressed a mixed stance on cryptocurrencies such as Bitcoin (BTC) after a year of war in the country. The central bank of Ukraine sees both good and bad in digital assets, taking a more skeptical approach to crypto due to financial and economic issues caused by the invasion, according to the NBU press office. In April 2022, the NBU prohibited citizens from buying cryptocurrencies like Bitcoin using the national currency, the hryvnia (UAH), only allowing such purchases via foreign currency accounts. The central bank…