The price of GHST was supported by that of DAI stablecoin for over two years.
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Ethereum layer-2 solutions may focus less on token incentives in the future
Token incentive models may become obsolete as layer-2 networks focus on ease of functionality and low fees, but how will this impact decentralization?
Ethereum layer-2 solutions may focus less on token incentives in the future
Token incentive models may become obsolete as layer-2 networks focus on ease of functionality and low fees, but how will this impact decentralization?
Maker DAO files emergency proposal addressing 3.1B USDC exposure
"Proposal(s) implementing the above changes are expected to be posted in the next ~12 hours or less," says Maker.
Bitcoin price spikes to '$26K' in USDC terms — How high can the BTC short squeeze go?
Bitcoin (BTC) refused to let $20,000 support die for good on March 11 as the weekend opened to a battle for lost ground.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin shakes off USDC depeg
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $20,200 at the time of writing.
A brief dip below the $20,000 mark overnight was short lived, and the mood appeared more stable on the day as the initial wave of panic over United States bank stability subsided.
The collapse of SVB Financial, which followed Silvergate in dealing a fresh blow to some crypto firms, nonetheless continued to play out.
At the heart of the debacle this time was Circle, the Blockchain firm which overnight revealed that it had lost part of the reserve funds for its stablecoin, USD Coin (USDC) with SVB.
Bitcoin price spikes to '$26K' in USDC terms — How high can the BTC short squeeze go?
Bitcoin recovers from the depegging of USDC, the second-largest stablecoin, from the U.S. dollar.
Bitcoin price spikes to ‘$26K’ in USDC terms — How high can the BTC short squeeze go?
Bitcoin (BTC) refused to let $20,000 support die for good on March 11 as the weekend opened to a battle for lost ground.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin shakes off USDC depeg
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $20,200 at the time of writing.
A brief dip below the $20,000 mark overnight was short-lived, and the mood appeared more stable as the initial panic over United States bank stability subsided.
The collapse of Silicon Valley Bank (SVB), which followed Silvergate in dealing a fresh blow to some crypto firms, nonetheless continued to play out.
At the heart of the debacle was payments technology company Circle, which overnight revealed it had part of the reserve funds for its stablecoin, USD Coin (USDC), with SVB.
What is ethical hacking, and how does it work?
Ethical hacking is the practice of identifying and testing vulnerabilities in a system to improve its security and prevent unauthorized access.
Circle’s USDC instability causes domino effect on DAI, USDD stablecoins
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The stablecoin ecosystem felt an immediate effect as USD Coin (USDC) depegged from the US dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $.3.3 billion of Circle’s $40 million transfer request. Given USDC’s collateral influence, major stablecoin ecosystems followed suit in depegging from the dollar.
USDC investor shells out $2M to receive $0.05 USDT trying to evade crash
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Soon after Circle revealed that Silicon Valley Bank did not transfer $3.3 billion of its USD Coin (USDC) reserves, the market responded with a massive sell-off — depegging the stablecoin from the US dollar. However, not all investors were lucky enough to walk away with their funds amid the uncertainty.
To cut losses, investors started selling their USDC tokens in exchange for other stablecoins, such as Tether (USDT) and avoiding impermanent losses. Unfortunately, a member of Crypto Twitter who goes by the name BowTiedPickle highlighted a transaction that shows that a USDC investor paid over $2 million to receive $0.05 of USDT
Sen. Warren calls out 'sham audits' while SVB threatens crypto bankruptcy
Contrasting her statements against crypto auditors, numerous members highlighted the ongoing collapse of Silicon Valley Bank (SVB), a Federal Deposit Insurance Corporation-insured bank.
USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank
At the time of writing, USDC lost 3% of its value as it traded at $0.969, and a Circle executive envisions broader implications for business, banking and entrepreneurs without a Federal rescue plan.
Circle discloses $3.3B tied up at Silicon Valley Bank
Circle joined other customers and depositors in calling for the continuity of SVB in the US economy.
$920B is the number to watch now that crypto’s trillion dollar total market cap is gone
Big round numbers always pique the interest of investors and the $1 trillion total crypto market capitalization is no exception. It’s a level that held for 48 days before collapsing on March 9. After a 16-hour negative 8.6% price movement, the indicator fell to $914 billion, its lowest level since Jan.13.
Total crypto market cap in USD, 1-day. Source: TradingViewConcerns about the stability of the U.S. banking industry, specifically the downfall and subsequent closure of Silvergate Bank (SI) on March 8 and the shut down of Silicon Valley Bank (SVB) on March 10 by The California Department of Financial Protection and Innovation, are among the reasons for breaking below the $1 trillion capitalization support. Silvergate was a critical fiat gateway network for the most important cryptocurrency exchanges and intermediaries.
The California Department of Financial Protection and Innovation did not provide an explanation for SVB Bank's closure. Nonetheless, it stated that the financial institution will be the first FDIC-insured institution to fail in 2023.
Silicon Valley Bank possessed more than $200 billion in assets and provided financial services to a number of crypto-focused venture firms, including Andreessen Horowitz and Sequoia Capital.
Don't forget, however, the ongoing efforts of the U.S. Federal Reserve to curb inflation, which include increasing interest rates above 2% in August 2022 and reducing its balance sheet through asset sales. In addition to this, U.S. labor market data released on March 10 revealed the creation of 311,000 jobs in February 2023, supporting the notion that the Fed's anti-stimulus measures require additional firepower.
$920B is the number to watch now that crypto’s trillion dollar total market cap is gone
The crypto market is taking a walloping, and there are three important reasons why BTC’s $380 billion valuation is a key support for the entire market.
Sam Bankman-Fried's bail conditions still too lenient, says judge
U.S. district judge, Lewis Kaplan, expressed concern that Bankman-Fried could find ways to evade the restrictions and covertly communicate with others electronically.
SEC disapproves VanEck spot BTC trust product, commissioners see double standard
SEC Commissioners Mark Uyeda and Hester Peirce have issued a joint statement highlighting discrepancies they see in the application of standards to applicants for ETPs.
Crypto funding shifts from CeFi to DeFi after major collapses: Finance Redefined
The majority of the DeFi tokens in the top 100 traded in the red on the weekly charts due to a downturn in the broader financial market.
Circle's exposure to U.S. banks could top $9B
Circle's reserves are held in a number of banks in the United States, including Silvergate, Silicon Valley Bank, and Bank of New York (BNY) Mellon.
Ethereum Shanghai upgrade could benefit liquid staking providers and cement ETH’s layer-1 dominance
Ethereum’s Shanghai upgrade is set to unlock a trove of staked Ether and possibly benefit other staking protocols that offer lucrative yields.