Tag: News

11 Banks Bail Out First Republic Bank From Collapse – Bitcoin News

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After the fall of Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank (SNBY), First Republic Bank, a commercial bank and wealth management services provider, is the latest financial institution to receive a bailout. Close to a dozen lenders announced they will deposit $30 billion into the beleaguered bank’s coffers to shore up liquidity. U.S. banks have suffered from the financial contagion that followed the three bank failures last week. According to reports, depositors removed $8.8 billion from Charles Schwab Corporation’s prime money market funds. Impact of Recent Bank Failures…

BTC Hits $27,000, Securing Fresh 9-Month High – Market Updates Bitcoin News

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Bitcoin moved to a fresh nine-month high on Friday, as prices moved above the $27,000 level. The surge comes following the U.S. Federal Reserve’s decision to backstop embattled banks to a record tune of $152.9 billion. Ethereum was also in the green in today’s session. Bitcoin Bitcoin (BTC) rose back above $27,000 in today’s session, as markets reacted to the Federal Reserve’s decision to pump liquidity into the U.S. economy. Following a low of $24,624.74 on Thursday, BTC/USD raced to an intraday peak of $27,002.39 earlier in the day. As…

Africa-Focused Venture Capital Firm Echovc Launches Blockchain Fund – Africa Bitcoin News

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The Africa-focused venture capital (VC) firm, Echovc, has launched a fund that seeks to support blockchain startups on the continent. While global blockchain funding has been on a decline over the past year, Echovc founder Eghosa Omoigui claimed that investing now enables the VC to get in “at lower entry valuations on average than in prior years.” Startups Offering Blockchain-Based Solutions Qualify for Funding The pan-African venture capital firm, Echovc, recently said it had launched an $8 million fund which is dedicated to Africa’s blockchain startups. According to the company’s…

International Operation Takes Down Crypto Mixer Chipmixer — Creator Could Face 40 Years in Prison – Regulation Bitcoin News

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An international operation has taken down Chipmixer, a cryptocurrency mixing service that allegedly laundered more than $3 billion worth of cryptocurrency, according to the U.S. Department of Justice (DOJ). The operation involved national authorities in the U.S., Germany, Belgium, Poland, and Switzerland — with Europol’s support. International Operation Takes Down Chipmixer The U.S. Department of Justice (DOJ) announced Wednesday “a coordinated international takedown of Chipmixer,” which it described as “a darknet cryptocurrency ‘mixing’ service responsible for laundering more than $3 billion worth of cryptocurrency.” Europol, which provided support for the…

Moscow City Crypto Exchanges Ready to Send Cash to London, Report – Exchanges Bitcoin News

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An investigation into digital asset exchanges in the Russian capital has established that some of them are ready to buy digital coins and deliver paper money in the U.K. The transfer of funds does not usually involve the identification of the clients, Transparency International Russia reveals in a report. Russia-based Cryptocurrency Exchanges Swap Stablecoins for British Cash Russian crypto exchanges that can transfer money abroad without following know-your-customer (KYC) procedures and anti-money laundering (AML) are in the focus of a study conducted by the Russian Chapter of Transparency International. The…

Arbitrum Launches Native Governance Token ARB and Self-Executing DAO Governance Model – Bitcoin News

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The Ethereum layer two (L2) scaling solution Arbitrum has launched a native governance token named ARB and a self-executing decentralized autonomous organization (DAO) governance model. The ARB token will have an initial supply of 10 billion, and coins will be airdropped to the Arbitrum DAO treasury, Offchain Labs (the company behind Arbitrum), Offchain Labs investors, users of the Arbitrum platform, and DAOs that are building with the L2 technology. Arbitrum Launches Self-Executing DAO Governance Model That Aims for Increased Decentralization Arbitrum, the L2 scaling project, has announced the launch of…

Argentina Registers 6.6% CPI in February; Inflation Numbers Blast Past 100% YoY for First Time Since the 90s – Economics Bitcoin News

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The National Institute of Statistics and Census of Argentina released February’s numbers for the consumer price index (CPI), registering an increase of 6.6%, a consequence of the rises in prices of food and beverages principally. The number is among the highest in the history of Argentina, reaching more than 100% growth year-on-year (YoY), something that has alarmed local analysts. Argentina Registers Record CPI Levels in February The National Institute of Statistics and Census in Argentina released the inflation numbers for February, alarming local analysts. According to the report, February’s monthly…

Signature Bank Collapsed Because It Embraced Crypto Customers Without Sufficient Safeguards – Regulation Bitcoin News

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U.S. Senator Elizabeth Warren alleges that Signature Bank failed because it “bought into its get-rich-quick narrative” and “embraced crypto customers with insufficient safeguards.” Emphasizing that the bank took “excessive risk,” the senator demanded answers from the CEO of Signature Bank regarding “the economically disastrous outcomes you created.” Senator Elizabeth Warren’s Letter to Signature Bank’s CEO U.S. Senator Elizabeth Warren (D-MA) has attributed the failure of Signature Bank to its acceptance of crypto customers without having sufficient safeguards, Yahoo Finance reported Thursday. Signature Bank was seized by the New York State…

European Commissioner Says Impact of SVB Collapse ‘Limited’ as Credit Suisse Drags Down Banking Stocks – Finance Bitcoin News

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Silicon Valley Bank’s (SVB) collapse has had a “limited impact” on the European Union but authorities must still “stay alert” to events as they unfold, European Commissioner Mairead McGuinness has said. Despite McGuinness’ reassuring remarks, stocks of Europe’s largest banks still plunged by as much as 10% on March 15. Silicon Valley Bank’s ‘Limited’ EU Impact According to the European Commissioner for financial services, Mairead McGuinness, the collapse of the U.S. bank Silicon Valley Bank has so far had limited impact on the European Union (EU). However, in her March…

Republican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from US – Bitcoin News

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On Wednesday, Tom Emmer, the U.S. Republican congressman from Minnesota, revealed he sent a letter to Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), regarding reports that the FDIC is “weaponizing recent instability” in the U.S. banking industry to “purge legal crypto activity” from the United States. Specifically, Emmer asked Gruenberg if the FDIC instructed banks not to provide banking services to cryptocurrency firms. GOP Majority Whip Emmer Questions FDIC’s Involvement in Purging Legal Crypto Activity Tom Emmer, a Republican politician from Minnesota, sent a letter to…