Binance CEO says with recent “changes” in stablecoins and banks, the company’s recovery fund will be converted from BUSD to “native cryptos" such as BTC.
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Solo Bitcoin miner defies odds to mine valid BTC block, gets $150K block reward
The act of mining a valid BTC block solo is so rare that the event has occurred only 270 times out of the 700,000 blocks produced in the last 13 years.
Solo Bitcoin miner defies odds to mine valid BTC block, gets $150K block reward
The act of mining a valid BTC block solo is so rare that the event has occurred only 270 times out of the 700,000 blocks produced in the last 13 years.
Breaking: Silicon Valley Bank UK arm acquired by HSBC for one pound
Banking giant HSBC announced that its U.K. arm is acquiring Silicon Valley Bank UK Limited (SVB UK) for one pound ($1.21).
Binance US, Alameda, Voyager Digital and SEC — the ongoing court saga
Court cases involving the U.S. SEC and some major crypto industry enterprises - Voyager Digital, Alameda Research and Biance - have continued to progress throughout 2023.
‘Nobody left to bank crypto companies’ — Crypto Twitter reacts
Prominent members of the crypto community have expressed uncertainty after the loss of crypto friendly banks.
‘Nobody left to bank crypto companies’ — Crypto Twitter reacts
Prominent members of the crypto community have expressed uncertainty after the loss of crypto friendly banks.
Biden vows to hold those responsible for SVB, Signature collapse
US President Joe Biden on Twitter said he is "firmly committed" to holding those responsible for the Silicon Valley Bank and Signature Bank collapse "fully accountable."
Biden vows to hold those responsible for SVB, Signature collapse
US President Joe Biden on Twitter said he is "firmly committed" to holding those responsible for the Silicon Valley Bank and Signature Bank collapse "fully accountable."
U.S. authorities preparing 'material action' to curb SVB contagion
The White House assessed the impact of Silicon Valley Bank's failure over the weekend with a keen attention to venture capital firms and regional banks.
How blockchain technology revolutionizes digital ownership?
Blockchain technology transforms digital ownership with secure and transparent ownership tracking. Explore how it establishes proof of digital ownership.
FDIC bidding for Silicon Valley Bank is in progress: Report
The FDIC has reportedly started an auction process on late Saturday for Silicon Valley Bank. Bids are open for just a few hours.
Watch these 5 cryptocurrencies for a potential price rebound next week
Traders dumped risky assets following the crisis and failure of Silicon Valley Bank (SVB). The S&P 500 Index plunged 4.55% while Bitcoin (BTC) is down about 9% this week.
The collapse of SVB led to a crisis in the crypto space with USD Coin (USDC) losing its peg to the U.S. dollar on reports that $3.3 billion of Circle’s $40 billion of USDC reserves were held at SVB. After trading near $0.87 on March 11, USDC has climbed up above $0.96 at the time of publication.
SVB’s failure has increased uncertainty in the short term with investors closely watching for any signs of the contagion spreading to other regional banks across the U.S.
Crypto market data daily view. Source: Coin360During times of uncertainty, it is best to stay on the sidelines. However, if there is no domino effect following SVB’s debacle, select cryptocurrencies may start their recovery. The cryptocurrencies selected in the article are all trading above the 200-day simple moving average, a key level watched by long-term investors to determine whether the asset is in a bull or bear phase.
Let’s study the charts of Bitcoin and the four altcoins that may outperform if the sector witnesses a recovery over the next few days.
Watch these 5 cryptocurrencies for a potential price rebound next week
Bitcoin is trying to sustain above $20,000 and if it succeeds, ETH, MATIC, TON, and OKB may witness a strong recovery.
UK regulators moving “at pace” to deliver a plan for tech firms hurt by SVB collapse
An emergency plan to rescue startups and tech companies affected by the Silicon Valley Bank collapse is underway in the United Kingdom.
U.S. Treasury Janet Yellen working on SVB collapse, not at bailout: Report
Janet Yellen said in an interview on March 12 that U.S. regulators are working to address Silicon Valley Bank collapse, but not considering a major bailout.
How and why do stablecoins depeg?
Discover the causes and mechanisms behind stablecoin depegging.
Bill Ackman warns US gov't: Fix mistake in ‘48 hours’ or face ‘destruction’
Billionaire Bill Ackman said that SVB’s senior management made a “basic mistake” but should be fired.
Do Kwon had the right idea, banks are risk to fiat-backed stablecoins: CZ
The death spiral of the Terra (LUNA) and TerraUSD (UST) ecosystem served as a catalyst to the 2022 bear market — causing losses in the millions, damaging investor sentiment and intensifying the regulatory spotlight over cryptocurrencies. However, the recent depegging of Circle’s USD Coin (USDC) led Binance CEO Changpeng ‘CZ’ Zhao to believe that traditional banks are a risk to stablecoins that are usually pegged 1:1 with fiat currencies, like the US dollar.
On March 11, Circle disclosed that Silicon Valley Bank (SVB) did not process its $3.3 billion withdrawal request. The crypto market responded to the revelation by selling off their USDC holdings, causing the US dollar-backed stablecoin to lose its peg. Given SVB’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins.
Supporting CZ’s sentiment, a community member pitched the idea of a crypto-backed stablecoin. CZ responded by highlighting the defunct algorithmic stablecoin launched by Do Kwon, saying:
“Do Kwon actually had the right idea, but just failed miserably on execution.”
Moreover, according to CZ, fiat currencies — in themselves — are a risk without getting crypto into the equation.
Silicon Valley Bank's UK branch shut down by Bank of England
Several U.K. venture capital firms have shown support for SVB UK stating it is a “trusted” partner and plays a "pivotal" role in supporting startups.