14:30 Former Treasury Official Issues Dire Warning, Bill Ackman Fears Economic ‘Train Wreck,’ US Gov. Remains Top BTC Holder, and More — Week in Review
‘Panic of 2023’: James Corbett Explains How Bank Crisis Could Lead to CBDC ‘Nightmare of Total Monetary Control’ Investigative journalist James Corbett has recently referred to the ongoing global banking crisis involving SVB, Signature Bank, Credit Suisse and others as the “Panic of 2023,” drawing comparisons to what he views as historical precedents, and pointing ahead to an inevitable and bleak, technocratic surveillance future leveraging central bank digital currencies (CBDCs) should nothing be […]
Traditional banks rely on ‘tiny buffer’: Paris Blockchain Week 2023 Signature Bank is the best place for crypto banking, even if it goes bankrupt, Woorton co-founder Zahreddine Touag believes. Event Own this piece of history Collect this article as an NFT The first day of Paris Blockchain Week (PBW) is bringing more thoughts on the ongoing crisis in the global banking system, with industry executives […]
Rattled crypto industry could emerge stronger after USDC depeg Did the depegging reveal stablecoins’ limitations, or was it a learning moment? Follow up Own this piece of history Collect this article as an NFT USD Coin (USDC), the world’s second-largest stablecoin, may simply have been in the wrong place at the wrong time. The place was Silicon Valley Bank (SVB), a commercial bank with […]
US credit crunch means it’s time to buy gold and Bitcoin: Novogratz The Galaxy Digital CEO predicts tough times ahead for the U.S. economy, but continues to be bullish on crypto. News Own this piece of history Collect this article as an NFT The United States is headed for a credit crunch and now is the right time to buy gold, silver and Bitcoin (BTC), says Galaxy […]
Why isn't the Federal Reserve requiring banks to hold depositors' cash? The fact that most banks aren’t required to keep your money on hand makes it likely that more bank failures will occur in the months ahead. Opinion Own this piece of history Collect this article as an NFT The Federal Reserve Board reduced banking reserve requirements to zero in March 2020. Since that time, banks […]
Circle CEO 'able to access' $3.3B of USDC's reserves at Silicon Valley Bank Circle’s earlier disclosure that $3.3 billion worth of USDC reserves were held with Silicon Valley Bank resulted in it losing market share to its competitor USDT. News Own this piece of history Collect this article as an NFT Circle CEO and co-founder, Jeremy Allaire, confirmed that, as of March 13, the stablecoin issuer has been […]
Silvergate, SBV collapse ‘definitely good’ for Bitcoin, Trezor exec says While Signature’s Barney Frank referred to the recent events with SVB as an “anti-crypto message,” Trezor’s Josef Tetek says they are “definitely good” for Bitcoin. Follow up Own this piece of history Collect this article as an NFT The ongoing crisis of banks in the United States has many positive implications for Bitcoin (BTC), according […]
SVB crisis: Here are the crypto firms denied exposure to troubled US banks Some of the biggest firms in crypto have denied exposure to any of the failed banks in the United States. News Own this piece of history Collect this article as an NFT Amid the ongoing United States banking crisis, a wide number of major cryptocurrency firms have denied exposure to dissolved U.S. banks like Silicon […]
Silvergate and SVB bite the dust: Law Decoded, March 6–13. Last week, another major quake shook crypto markets. Silvergate Bank — a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States — shut down operations due to liquidity problems. A couple of days later, another Federal Deposit Insurance Corporation-insured institution, Silicon Valley Bank (SVB), was shut down by […]
Crypto investment products see largest outflows on record amid SVB collapse Cryptocurrency investment products lost 10% of assets under management last week as institutional investors rushed for the exit during the latest episode of market volatility prompted by the Silvergate and Silicon Valley Bank collapses. Digital asset investment products registered $255 million in outflows for the week ending March 12, marking the fifth consecutive weekly decline […]
Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps The panic caused due to USD Coin's (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes. Bitcoin price sees $50K in "fat finger" error The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7 pm UTC. The reason for […]
US Fed announces $25B in funding to backstop banks Hot on the heels of several United States bank collapses, the Federal Reserve Board has announced $25 billion worth of funding aimed at backstopping banks and other depository firms. The funds would ensure that eligible banks would have enough liquidity to cover the needs of their customers during times of turmoil. @federalreserve announces Bank Term […]
Bill Ackman warns US gov't: Fix mistake in ‘48 hours’ or face ‘destruction’ Billionaire Bill Ackman has urged the United States government to “guarantee” all deposits held by Silicon Valley Bank (SVB) within the next “48 hours,” or it risks the “destruction” of many financial institutions. In a Mar. 11 tweet, Bill Ackman, CEO of hedge fund management firm Pershing Square, said a “giant sucking sound" will be […]
Breaking: USDC slowly repegs on unconfirmed reports of SVB resolution According to a post on Mar. 11 by Bob Elliot, chief investment officer of Unlimited Funds, relief efforts may already be underway less than 72 hours after the collapse of prominent American tech bank Silicon Valley Bank (SVB). Elliot claimed, among many items, that "big banks actively working on buying svb business," the U.S. Federal […]
