NY Regulators Seize Control of Signature Bank, Depositors Assured by Federal Bailout â Bitcoin News
[ad_1] On Sunday, the New York Department of Financial Services, or DFS, announced that it had taken possession of Signature Bank. The DFS appointed the Federal Deposit Insurance Corporation, or FDIC, as the receiver of the bank. In a joint statement, the U.S. Federal Reserve, Treasury Department, and FDIC explained that all Signature depositors would […]
Silicon Valley Bank Failure Highlights Dangers of Fractional-Reserve Banking â Economics Bitcoin News
[ad_1] 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 […]
USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident â Market Updates Bitcoin News
[ad_1] 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 […]
Circle Issues Update Amid Stablecoin Volatility; Firm Is Prepared to ‘Stand Behind USDC and Cover Any Shortfall’ â Bitcoin News
[ad_1] On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC, and noted that the stablecoinâs liquidity operations will resume normally on Monday morning in the United States. Circle said that the companyâs teams would be ready on Monday to âhandle significant volumeâ and that the firm will âstand behind USDC […]
Makerdao Issues Emergency Proposal to Address $3.1B in USDC Collateral After Stablecoin Depegging Incident â Bitcoin News
[ad_1] 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 projectâs stablecoin, DAI. Makerdao Proposes Changes to Limit […]
US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual â Bitcoin News
[ad_1] After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms […]
New York Attorney General Files Lawsuit Against Kucoin and Declares Ethereum a Security â Bitcoin News
[ad_1] On March 9, 2023, New York attorney general Letitia James announced that her office had once again cracked down on crypto platforms by filing a lawsuit against the Seychelles-based crypto exchange Kucoin. Members of the Office of the Attorney General (OAG) were able to purchase crypto assets, despite the exchange not being registered in […]
Elizabeth Warren Blames âCrypto Riskâ for Silvergate Bank’s Liquidation, Critics Dismiss Senatorâs Claims as âTerribly Misinformedâ â Bitcoin News
[ad_1] After Silvergate Bank announced its voluntary liquidation, U.S. senator Elizabeth Warren is attributing the financial institutionâs downfall to âcrypto risk.â According to Warren, she had previously warned about Silvergate. However, some critics are dismissing Warrenâs opinion as âterribly misinformedâ and claim that she is âtossing out egregious accusations.â Crypto Proponents Offer Different Perspectives on […]
Mt Gox Trustee Sets Final Cut-off Date for Creditors to Claim Over $3 Billion in Recovered Bitcoin â Bitcoin News
[ad_1] The Tokyo bankruptcy court trustee for the defunct Japanese bitcoin exchange Mt Gox, Nobuaki Kobayashi, has published a letter stating that creditors have until March 10, 2023 (Japan Time) to register their repayment claims. Kobayashi explains that the team is dealing with âa large number of inquiriesâ and may not be able to respond […]
Ethereum Co-Founder Vitalik Buterin’s Address Sells Trillions of Airdropped Tokens, Causes Illiquid Coin Prices to Plummet â Bitcoin News
[ad_1] On March 7, onchain observers noticed that Vitalik Buterin, the co-founder of Ethereum, had allegedly sold billions and trillions of airdropped ERC20 tokens, resulting in a gain of an estimated $700,000 in value. The market liquidity of the airdropped tokens was shallow, and the relatively unknown ERC20 tokens plummeted in value after Buterin reportedly […]