Smart Money Staying Put as USDC Remains Off-Peg
Crypto’s smart money – which Nansen defines as everything from institutions to large traders – is dropping Circle’s USDC, on-chain data shows.
Top 10 Crypto-Friendliest Towns in the Globe
The top ten Crypto-friendly towns throughout the globe are highlighted in this research study.
IMF had Warned G-20 That Widespread Crypto Use Would Impact Banks
The International Monetary Fund (IMF) had warned the Group of 20 (G-20) nations that the widespread proliferation of crypto assets could lead to banks losing deposits and curtailing lending.
HSBC Subsidiary to Acquire Silicon Valley Bank's U.K. Unit for 1 Pound
HSBC Holdings Plc (HSBA) said that its U.K ring-fenced subsidiary, HSBC U.K. Bank, is acquiring Silicon Valley Bank U.K. (SVB U.K.) for British pound 1, as per a filing.
Signature Bank Bites the Dust As Feds Scramble to Contain Losses
Signature Bank is the next bank to be closed by Federal regulators. Regulators closed the crypto-focused bank, citing systemic risk.
Bitcoin, Ether Retrace Weekend Losses As Bears See $183M in Short Liquidations
Bitcoin (BTC) and ether (ETH) surged 10% in the past 24 hours to retrace all weekend losses after crypto markets plunged following troubles at Silicon Valley Bank (SVB) on Friday night. Bitcoin inched just over $22,500 in Asian morning hours on Monday while ether regained the $1,600 level, as per Coingecko. The move came as USD Coin (USDC)-issuer Circle said Sunday it would cover all shortfall in reserves, while Federal regulators said SVB depositors will have access to all funds on Monday morning after the U.S. open.
Bitcoin Jumps More Than 9% as U.S. Acts to Protect Deposits at Crypto-linked Banks
Bitcoin and Ether led a strong price rebound in the top 10 non-stablecoin cryptocurrencies in morning trading in Asia as U.S. banking regulators took control of Silicon Valley Bank and Signature Bank, both with ties to the crypto industry, and guaranteed deposits at the institutions as well as additional backstops for the banking industry. The moves followed the failure of Silvergate Capital last week that raised the threat of a systemic run on banks. Solana led the gains.
Crypto Shaken as SVB Risk Depegs Second-Largest Stablecoin
The fallout from the failure of Silicon Valley Bank reached further into crypto, unhinging a key cog in the market that’s meant to be among the safest digital assets in the space. The second-largest stablecoin, USD Coin traded as low as 81.5 cents as investors digested the exposure of its issuer Circle Internet Financial Ltd. to Silicon Valley Bank, which had just collapsed in one of the largest failures in US banking history.
Senator Warren Calls on PCAOB to Hold Auditors Accountable for Crypto Audits
The PCAOB's Investor Advisory highlights the risks associated with third-party verification "proof of reserve" reports.
