Tag: News

Silicon Valley Bank Failure Highlights Dangers of Fractional-Reserve Banking – Economics Bitcoin News

boss

After the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look at what fractional-reserve banking is and why the practice can lead to economic instability. The History and Dangers of Fractional-Reserve Banking in the United States For decades, people have warned about the dangers of fractional-reserve banking, and the recent ordeal of Silicon…

Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow – Bitcoin News

boss

The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on Friday. Sources Say FDIC Is Working Swiftly to Sell Off SVB Assets as Final Bids Due by Sunday Afternoon The collapse of Silicon Valley Bank (SVB) has caused a significant stir in the United States,…

US Treasury Secretary Rules Out Government Bailout of Silicon Valley Bank – Featured Bitcoin News

boss

U.S. Treasury Secretary Janet Yellen has ruled out a government bailout of the collapsed Silicon Valley Bank (SVB), which was shut down by regulators on Friday. Yellen explained that the reforms put in place after the 2008 financial crisis were aimed at preventing the need for government bailouts. Government Not Considering a Bailout for SVB, Says Yellen U.S. Treasury Secretary Janet Yellen stated in an interview on CBS News, aired Sunday, that the government is not considering a bailout for the collapsed Silicon Valley Bank (SVB). The bank was shut…

USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident – Market Updates Bitcoin News

boss

On Saturday, several centralized crypto trading platforms and payment processors stopped USDC auto conversions. However, USDC experienced a significant trading volume on decentralized exchange (dex) platforms such as Uniswap, Curve, and Pancakeswap. Uniswap alone recorded $10.13 billion in trades over the past day, with more than 55% of those swaps involving USDC against wrapped ether, and the stablecoin tether. During the last 24 hours, USDC emerged as the most dominant trading pair on dex platforms. USDC Trades Below $0.975 Accounted for More Than $26 Billion on Saturday Based on statistics,…

Critics Call Warren’s Silvergate Take ‘Terribly Misinformed,’ SVB Collapses, Vitalik’s Token Sell-Off Moves Markets, and More — Week in Review – The Weekly Bitcoin News

boss

It’s been a turbulent week in finance with the so-called crypto-friendly Silvergate Bank announcing its liquidation, U.S. Senator Elizabeth Warren blaming the event on “crypto risk,” and individuals on social media pointing out that Warren is “terribly misinformed.” Additionally, U.S. Regulators closed Silicon Valley Bank after reports of a bank run and other troubles. In other developments, Ethereum co-founder Vitalik Buterin’s address allegedly sold trillions of airdropped ERC20 tokens, causing negative price moves, and India-Russia oil deals could be challenging U.S. dollar dominance. All this and more, just below, in…

South African Rand Plunges to New 2023 Low Versus the US Dollar – Africa Bitcoin News

boss

Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial Action Task Force (FATF) are believed to be fueling the rand’s slide. 10-Hour Power Outages The exchange rate of the South African rand versus the U.S. dollar recently plunged to a new 2023 low of 18.636 units for every dollar…

Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation – Mining Bitcoin News

boss

A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing to report digital assets to the state. In its latest revision, the bill also threatens to punish those who organize illegal trading of cryptocurrencies with imprisonment and hefty fines. Forced Labor Awaits Miners and Traders Who Operate Outside Law, According to New Bill Russian crypto miners will have to report their income and provide tax authorities with detailed information about their digital assets, including wallet addresses, to avoid being prosecuted by the state. That’s…

Nigerian Central Bank Unveils Open Banking Guidelines – Africa Bitcoin News

boss

The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines’ objectives include ensuring “consistency and security across the open banking system.” Customer Permissioned Data Sharing The Central Bank of Nigeria said on March 7 that it had issued what it called the operational guidelines for open banking in Nigeria. According to the central bank, the guidelines are expected to foster the “sharing of customer-permissioned…

Cryptocurrency Turnover Growing in Russia, Watchdog Reports to Putin – Bitcoin News

boss

Use of cryptocurrencies is increasing in Russia, the head of the country’s financial watchdog has informed President Putin. The agency, Rosfinmonitoring, is following thousands of participants in digital asset transactions with a new blockchain analytics system, the official revealed. Volume of Crypto Transactions in Russia Almost $13 Billion, Financial Authority Says The turnover of crypto assets in Russia is growing, according to Yury Chikhanchin, director of the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring), who reported to President Vladimir Putin about the agency’s current operations. The watchdog is…

Billionaire Warns of Imminent Bank Runs if Government Fails to Guarantee All SVB Deposits – Economics Bitcoin News

boss

Billionaire Bill Ackman has warned of “vast and profound” consequences of the U.S. government letting Silicon Valley Bank (SVB) fail without protecting all depositors. “No company will take even a tiny chance of losing a dollar of deposits as there is no reward for this risk. Absent a systemwide FDIC deposit guarantee, more bank runs begin Monday am,” he cautioned. Government Has Until Monday Morning to Fix Its ‘Soon-to-Be-Irreversible Mistake’ Billionaire Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, has warned of “vast and profound” consequences of…