Tag: News

Rich Dad Poor Dad Author Robert Kiyosaki Warns Another Bank Is Set to Crash – Featured Bitcoin News

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The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that another bank is set to crash following the collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Kiyosaki also recently said the world economy is on the verge of collapse, warning of bank runs, frozen savings, and bail-ins. Robert Kiyosaki Predicts Another Bank Is Set to Crash The author of Rich Dad Poor Dad, Robert Kiyosaki, has warned that another bank is about to fall. He noted that two major banks have…

Circle Issues Update Amid Stablecoin Volatility; Firm Is Prepared to ‘Stand Behind USDC and Cover Any Shortfall’ – Bitcoin News

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On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC, and noted that the stablecoin’s liquidity operations will resume normally on Monday morning in the United States. Circle said that the company’s teams would be ready on Monday to “handle significant volume” and that the firm will “stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary.” Circle Financial Confident in USDC Stability Despite SVB Failure Circle, the issuer of the second-largest stablecoin by market capitalization, usd coin (USDC), addressed the…

Bank of England Shuts Down Silicon Valley Bank’s UK Branch After US Regulators Close Parent Company – Bitcoin News

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After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures. Fallout From SVB Failure Prompts BOE to Close U.K. Branch The ripple effect of the 16th largest bank in the United States failing has started to unwind after Silicon Valley Bank (SVB) was shut down by the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation (DFPI). California’s…

‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion – Bitcoin News

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Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture capitalists caused a bank run, while others blame the U.S. Federal Reserve’s rate hikes. Economist and gold bug Peter Schiff said on Friday that the U.S. banking system would experience more trouble ahead. He and several speculators believe that these financial institutions…

Makerdao Issues Emergency Proposal to Address $3.1B in USDC Collateral After Stablecoin Depegging Incident – Bitcoin News

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On March 11, 2023, the decentralized finance project Makerdao issued an emergency proposal following the USDC depegging incident that saw the stablecoin dip down to $0.877 per unit. At the time of writing, Makerdao commands $3.1 billion in USDC collateral that backs a portion of the project’s stablecoin, DAI. Makerdao Proposes Changes to Limit Exposure to Potentially Impaired Stablecoins Members of Makerdao have been discussing a recent emergency proposal that aims to address the $3.1 billion in USDC assets the project holds as collateral. The news comes as Circle Financial…

USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity – Bitcoin News

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On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) trading sessions on Saturday. Major Crypto Exchanges Suspend USDC Trades as Concerns Mount On March 11, 2023, stablecoin assets are having a rough day after Circle Financial announced that $3.3 billion of the cash backing…

SOL Rebounds From 2-Month Low to Start the Weekend – Market Updates Bitcoin News

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Solana rebounded from a two-month low to start the weekend, as bulls reentered the market to buy the recent dip. Overall, the global crypto market cap is currently trading 1.8% higher, following a nearly 10% drop on Friday. Polygon was another notable mover, as price rose by nearly 7% on Saturday. Solana (SOL) Solana was back in the green to start the weekend, as bulls reappeared following Friday’s red wave. Following a low of $16.19 in yesterday’s session, SOL/USD moved to an intraday peak of $18.85 on Saturday. The move…

BTC Above $20,000, ETH Beyond $1,400 on Saturday – Market Updates Bitcoin News

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Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday. Bitcoin Bitcoin (BTC) rose back above $20,000 on Saturday, despite overall volatility in financial markets being at historic highs. This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was shutting down Silicon Valley…

BTC Proxy Is Live on BNB Chain and Interoperable With WBTC and BTCB – Press release Bitcoin News

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press release PRESS RELEASE. Leading DeFi protocol BTC PROXY today expanded support for the Binance BNB Chain as well as updating support on Ethereum and Polygon for their ($BTCpx) Bitcoin Proxy. Minting and bridging of BTCpx to the three networks goes live on or after March 10th, 2023. This fulfilled a vision of allowing the Proxy community to utilize their Bitcoin for use in DeFi on Polygon, Ethereum and BNB Chains. BTC Proxy’s expansion to the three networks allows the Minting of BTCpx token using BTC Bitcoin, WBTC ERC20 and…

South Korea Doubles Down on Metaverse, Announces $51 Million Investment in Related Projects – Metaverse Bitcoin News

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The Ministry of Science and ICT of South Korea has approved investments of $51 million in various metaverse projects, doubling down on its metaverse bet for the future. The investment includes a fund for supporting the growth of metaverse companies and another special investment to build several services including region-specific projects. South Korea Continues Investing in the Metaverse While the interest in the metaverse by some private companies has started to cool off, South Korea is doubling down on its bet to keep supporting the local metaverse economy. The country…