2023-03-14
BTC/USDC Surges To $50,000 Unexpectedly
The price of the BTC/USDC trading pair unexpectedly rose to $50,000 on March 13 in the early morning. This was the price range of November 2021 before the whole cryptocurrency market entered the current bear season.
The reason for the aforementioned flash action is that USDC, Circle's stablecoin, may soon run out of liquidity.
On March 11, after the owner Circle admitted to having a significant exposure to Silicon Valley Bank, the USDC value dropped below the $1 mark and underwent a significant depeg. The corporation is freezing up to $ 3.3 billion in cash, much beyond the neighborhood's estimate of $ 1 billion. This indicates that it comprises 8.25% of the $40 billion in assets that are maintained as reserves for USDC.
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Binance Converts $1B Recovery Initiative Funds; BTC, ETH, BNB Increase 10%
Binance has made the decision to convert $1 billion of its money for the Industry Recovery Initiative from Binance USD Coin (BUSD) to Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). This action by Binance CEO Changpeng Zhao coincides with recent investigation of the stablecoin BUSD by the US authorities.
The Industry Recovery Initiative was established to assist cryptocurrency projects that were having liquidity problems following the bankruptcy of FTX, Binance's rival exchange, which occurred in November. The fund's initial holdings were BUSD worth $1 billion. In a tweet, CZ declared that these money would be converted to local cryptocurrencies and added that some fund transfers would take place on-chain.
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Experts Issue Warning: Fed's Rescue US Banks May Lead Recession And More Bank Failures
A number of markets, including the US economy and interest rate outlooks, are being significantly impacted by Silicon Valley Bank's recent failure and following government bank rescue of depositors. Authorities have pledged to completely secure depositor money and provide banks with better loan terms in an effort to allay concerns and prevent panic in the financial system.
Market players are worried about the possibility of moral hazard in the long run, even though this action has temporarily improved mood. William Ackman and Jeffrey Gundlach, among other industry experts, have issued warnings that additional banks may fail and that the Treasuries market is indicating a coming recession.
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Algorand Foundation's CEO Describes Blockchain's Function in Finance
Algorand Foundation CEO Staci Warden stated that although blockchain is typically thought of as a ledger just for monitoring cryptocurrency payments, it has the ability to support a wide range of financial transactions in a recent interview with Yahoo Finance Live.
As there is no need for an intermediary bank, according to Warden, blockchain has the ability to speed up international financial transactions significantly more quickly than conventional banking systems.
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Before Market, First Republic Bank Stocks Slid More Than 50%
First Republic Bank of the United States had a fall of more than 50% on March 13 before the market.
First Republic Bank saw a decline of more than 30% before the American market. In the same vein as Silicon Valley Bank, the bank saw a run late last week. The bank claimed earlier today that it was in excellent financial shape and had over $70 billion in unspent liquidity. First Republic Bank claimed that by obtaining additional liquidity from the Federal Reserve and JPMorgan Chase, it has strengthened and diversified its financial position. With additional liquidity made available through the Federal Reserve's recently announced Bank Term Financing Program, the total amount of untapped liquidity now exceeds $70 billion.
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Hacking Of Euler Finance DeFi Protocol, Alleged Theft $197M
Decentralized finance (DeFi) protocol Euler Finance, which provides on-chain lending services, apparently came under attack. BlockSec, a blockchain security company, has been keeping tabs on the issue and believes that the hack may have resulted in the theft of at least $197 million.
The attack on Euler Finance draws attention to the ongoing security issues in the DeFi industry, where smart contracts are open to hacker exploitation.
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Cardano (ADA) Rises 10%; How Ecosystem Withstood Market Volatility
After falling to a low of $0.333 on March 12, the price of Cardano (ADA) experienced a swift recovery. After hitting intraday highs of $0.344, ADA was up 10.75% to $0.338 at the time of writing.
The top two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), both gained more than 10% in the most recent trading session to make up for all losses suffered over the previous two days when the crypto markets fell owing to problems at Silicon Valley Bank.
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Due Regulatory Requirements; Layer-2 Aztec Solution Eliminates Connect Security Bridge
Ethereum Layer-2 Solution Project Aztec filed a notification to permanently close the Connect security bridge due to regulatory requirements on the "mix transaction" functionality.
A key piece of the jigsaw puzzle will be decommissioned on March 13, according to Aztec Network, a layer-2 Ethereum solution that has progressed toward zk-rollups and is primarily concerned with transaction confidentiality. In this instance, the infrastructure consists of the Connect security bridge.
The project warns that one week after the news is announced, deposits to smart contracts made utilizing Aztec Connect products, such as zk.money and zkpay.finance, would be prohibited. Nonetheless, clients will still be able to withdraw funds for another year, until March 21, 2024.
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FDIC: Move All Deposits From Silicon Valley Bank (SVB) To Bridge Bank
On March 13, the US Federal Deposit Insurance Corporation announced that it would move all deposits from Silicon Valley Bank (SVB) to a temporary bank (Bridge Bank).
The Federal Deposit Insurance Corporation reports that Bridge Bank will receive all deposits currently held by Silicon Valley Bank (SVB). Bridge Bank, a temporary "bridge" bank, resumes regular business hours, and Tim Mayopoulos is chosen as CEO of Silicon Valley Bank. "Bridge Bank" will continue to offer ATM and online banking services with a temporary nature. Loans will be made and Silicon Valley Bank (SVB) customer checks will be approved.
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Circle Recently Burned 314,167,155,05 USDC, Or $311,419,134
Recently, Circle destroyed 314,167,155.05 USDC from its circulation.
In an effort to maintain the stability of the USDC stablecoin, Circle has just burned 314,167,155.05 USDC ($311,419,134) through their innovative redemptions program. By enabling holders of USDC to convert their tokens into US dollars at a 1:1 ratio through this service, the stability and consistency of the USDC value is ensured.
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Startling Transaction, HSBC Officially Acquired Silicon Valley Bank (UK) Ltd
In a deal that was facilitated by the Bank of England and the Treasury, Silicon Valley Bank UK Ltd. was officially bought by HSBC. The Banking Act of 2009, which permits the safe management of bank failures without the involvement of taxpayer money, provides powers that made the deal possible.
Given that Silicon Valley Bank has played a big role in assisting start-ups and scale-ups, this deal is an important milestone for the UK's digital industry.
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Silicon Valley Bank Clients Pleased To Have Full Access To Funds Following FDIC's Intervention
To safeguard all depositors at Silicon Valley Bank in Santa Clara, California, the Federal Deposit Insurance Corporation (FDIC) has taken action. All deposits, both insured and uninsured, and nearly all assets have been moved to a brand-new, fully functional "bridge bank" run by the FDIC.
This morning, the brand-new Silicon Valley Bank, N.A., will reopen and resume regular banking operations, including online banking. Customers of Silicon Valley Bank, N.A. will automatically include depositors and borrowers. and have check writing, ATM, and debit card access to their money. The transfer of all deposits was completed under the systemic risk exception allowed on March 12, 2023.
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$15,000 Prize Pool, Game Space Begins 2nd Season Of Player One Tournament
Today marks the start of the second season of Player One Tournament on Game Space, the first casual GameFi Hub. The Lost Land, Oath of Peak, and Bless Global, three 3A-level chain games that are part of the championship, have rekindled interest in the chain game track.
More than 20,000 individuals took part in the first season of Player One Tournament in February of this year, resulting in almost 200,000 clicks on Twitter. Over just 10 days, the season increased the number of Twitter users for game partners by a total of 41,000.
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Just-In: U.S. President Biden Says Affected Bank Investors Won't Get Bailout
U.S. regulators were had to intervene with a number of emergency measures following the failure of Silicon Valley Bank and Signature Bank, which threatened to spark a more serious crisis. President Joseph Biden responded by saying in a Monday speech at the White House that the US banking system was "secure" and promising to place stronger controls on banks.
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Okcoin Suspends USD Deposits After Liquidation Of Signature Bank
The U.S. affiliate of cryptocurrency exchange OKX had no exposure to collapsed U.S. tech bank Silicon Valley Bank, according to a March 13 tweet from Okcoin CEO Hong Fang (SVB). Fong said that the regulatory action against Signature Bank, Okcoin's main partner for dollar customer transactions, has "immediately suspended" the company's wire and ACH deposits in U.S. dollars.
Following the collapse of SVB, New York state regulators shut down Signature Bank on March 12 for fiat-crypto on-ramping, citing a "systemic risk exception". Fang also stated that "over-the-counter services will be temporarily suspended too," including its rapid buy and recurring buy features, in addition to suspending dollar deposits. The restriction also applies to "crypto transactions via credit card" and "trading USD-crypto trading pairings," according to Okcoin.
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US Bank Bloodbath: Bitcoin Reaches $23.7K, SVB Dip As "Bear Trap"
As Wall Street opens to numerous bank stocks suspended due to steep losses, the price of bitcoin has increased by around 20% in recent days.
On March 13, as U.S. bank stock prices experienced the greatest mass halt in history, bitcoin reached its highest level since the beginning of the month.
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Despite Bank Failures, Cardano Founder Rejects Cryptocurrency Critics
The creator of Cardano, Charles Hoskinson, recently tweeted a jab at cryptocurrency detractors. Hoskinson compared the activities of significant cryptocurrency companies like Circle, Paxos, and Tether to those of banks.
He emphasized how robust these crypto enterprises had been in the face of challenges that were similar to those that led to bank failures.
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Repegged To $1, Increasing Your Crypto Portfolio: USDC Stablecoin
Following its exposure to the demise of Silicon Valley Bank, the Circle USDC stablecoin has reclaimed its peg and is presently trading at $1.
recovery of the stablecoin following last week's bank disaster. In the meantime, depositors who were impacted by the SVB closure now have access to funds after the Federal Reserve declared that it will compensate them all in full.
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Huge Bitcoin (BTC) Whale Transfers: Pump-and-Dump Signal?
Crypto whales with enormous asset bags appear to have sprang into action in the midst of a significant Bitcoin price surge. The bankruptcy of Silicon Valley Bank and Signature Bank caused a collapse in US banking equities on Monday, but a boost to the cryptocurrency market was welcomed by traders. Even as the US President attempted to boost trust in the US financial system in his most recent speech, the bank stocks fell. This is true even when US regulators intervened and took a number of urgent actions.
It's interesting to note that many venture capital firms who worked closely with the cryptocurrency ecosystem wanted to work with both Signature Bank and Silicon Valley Bank as their banking partners. In fact, the Silicon Valley Bank failure had a significant negative impact on USDC issuer Circle since the stablecoin's link to the value of one US Dollar was lost.
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Review of Kyber Network: Boost DeFi Liquidity Using Useful Methods
A multi-chain cryptocurrency trading and liquidity hub called Kyber Network pools liquidity from many sources to enable transactions at the most competitive rates. It enables entirely transparent and verifiable on-chain transactions without the need for KYC or a middleman.
The main offering of the network, KyberSwap, is an advanced DEX aggregator that enables users to trade, earn, and take part in DeFi on each of the 13 supported chains. Being a DEX aggregator, KyberSwap obtains liquidity from over 70 DEXs throughout its supported networks in addition to its own pools, and it is equipped with yield optimization techniques to offer the best rates and returns.
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Shareholders Accuse Silicon Valley Bank's CEO And CFO Of Fraud
In the California headquarters of Silicon Valley Bank (SVB), shareholders filed a lawsuit against two top executives on Monday for failing to disclose that rising interest rates would make the firm more susceptible to its present problem.
In federal court in San Jose, California, two defendants have been named: CEO Greg Becker and CFO Daniel Beck.
Prior to its bankruptcy, Silicon Valley Bank had an estimated $209 billion in assets and $175.4 billion in deposits, making it the largest U.S. bank failure since the 2008 financial crisis that triggered the Great Depression.
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Meta NFT Support Is Being Removed From Facebook And Instagram
The parent corporation of Facebook and Instagram abruptly declared that it would stop sponsoring NFT after providing this function for half a year, citing ongoing losses caused by Metaverse development regulations.
Specifically, the company has chosen to discontinue pursuing NTF in order to concentrate on strategies to serve content creators and users, as disclosed by Mr. Stephane Kasriel, Director of Commerce and Financial Services of Meta.
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Rumor: Binance Borrowed From CoinMarketCap To Repurchase CoinDesk
A source from Blockworks claims that Binance Capital Management has inquired about acquiring CoinDesk, the most popular cryptocurrency news website. The insider revealed that CoinMarketCap is being used by Binance Capital Management as an agency to publicize the acquisition of CoinDesk.
A news portal that focuses on Bitcoin and other cryptocurrencies is called CoinDesk. Having been established in May 2013, CoinDesk is regarded as a news source for a variety of assets using online platforms like the website, social media, video, and podcasts.
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US Department Of Justice Looking Into TerraUSD's Failure
Following the SEC, the US Department of Justice is to look into what led to the failure of the LUNA-UST project pair in May 2022.
The Terra cryptocurrency project (LUNA) and the stablecoin TerraUSD (UST) are the subject of an investigation by the US Department of Justice, which increases the likelihood that founder Do Kwon may be charged with a crime.
With speculations that he is residing in Serbia ever since LUNA-UST failed, Kwon has purposefully avoided Singaporean and South Korean authorities. The government of South Korea, which demanded Do Kwon's detention and cancelled his passport, has despatched agents to Serbia to continue looking for Do Kwon. Reportedly getting ready to re-enter the bitcoin industry with a number of new ventures is Terraform Labs' CEO.
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Inverse Finance Estimates That DOLA Fed Loses $860,000 Result Of Euler Assault
DOLA Fed suffered a startling loss of $860,000 on March 14 as a result of an Euler Attack, it was revealed today.
A DeFi lending arrangement called Inverse Finance tweeted: "Euler assault hit the DOLA-bb-e-USD pool on Balancer. Although while quick action reduced the harm by 90%, DOLA Fed is This Pool nevertheless suffered a loss of up to $860,000, minus rewards points. To collect the remaining money, we will work with Balancer.
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Increasing Interest In DEX And CEX Tokens Due Banking Crisis
With the banking crisis involving institutions like Silicon Valley Bank, Signature Bank, and Silvergate, investors are swarming to cryptocurrency alternatives.
The financial chaos brought on by the failure of major banks has benefited DEX and CEX tokens. Over the previous 24 hours, the prices of a number of these assets have increased, including those of OKB, GMX, dYdX, and GT.
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Blockchain Security Firm, Dogecoin Network's Patched Problem Still Exists On 280 Blockchains
On blockchain networks like Litecoin and Zcash, peer-to-peer communications are carried out in a decentralized manner.
According to blockchain security firm Halborn, at least 280 more networks still contain the vulnerability it discovered in the open-source software of the Dogecoin network last year.
The researchers discovered a number of significant vulnerabilities in 2022 during an examination that might have been used by attackers to compromise the network. The vulnerabilities were then addressed and fixed by Dogecoin developers.
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Thanks for reading,
Mary
