Browsing:Crypto News

DEXs Uniswap and Curve experienced a surge in trading volumes
2 weeks ago 1 min read

USDC Emerges as the Top Trading Asset on Uniswap and Curve, Breaking DeFi Records

Decentralized exchanges (DEXs) Uniswap and Curve experienced a surge in trading volumes over the weekend as traders rushed to exchange their USDC holdings for other tokens, particularly wrapped ether (WETH) and tether (USDT). This surge in trading volume resulted in Uniswap recording nearly $12 billion in trading volume over a 24-hour period from Saturday to Sunday, while Curve recorded nearly $8 billion in trading volume. DEXs operate differently than centralized exchanges as they rely on smart contracts to facilitate trades, eliminating the need for intermediaries. Users deposit their tokens to pools to provide liquidity to the platform, receiving rewards in

Binance has recently converted the remainder of its $1 billion
2 weeks ago 1 min read

Binance Converts $1 Billion Industry Recovery Funds to BTC, BNB, and ETH

Binance, the world’s largest cryptocurrency exchange, has recently converted the remainder of its $1 billion Industry Recovery Initiative funds to native cryptocurrencies such as Bitcoin, Binance Coin, and Ethereum. The move was announced by Binance CEO Changpeng Zhao, who tweeted the address for transparency purposes. The decision to convert the funds was made due to the recent changes in the stablecoin market and the banking industry. Zhao also stated that it was a way to keep the funds safe in a secure asset. While many in the crypto community have supported the move, some have questioned why more assets weren’t

SVB Contagion Hits Crypto Companies
2 weeks ago 2 mins read

Crypto Companies Exposed to Silicon Valley Bank as Contagion Spreads

The collapse of Silicon Valley Bank has sent shockwaves through the tech industry and hit the crypto world hard. Here’s a list of the crypto firms caught in the crosshairs of SVB’s closure: It’s worth noting that many of these crypto firms have already taken action to move their funds away from Silicon Valley Bank or have claimed their exposure is minimal. As the situation unfolds, it remains to be seen what the lasting impact of SVB’s collapse will be on the crypto industry.

This comes amid concerns that Circle, the issuer of USDC, holds some of its cash reserves at Silicon Valley Bank, which was closed by California's financial regulator on Friday.
2 weeks ago 1 min read

Coinbase and Binance Temporarily Suspend USDC Conversions Amidst Concerns over Dollar Peg Stability

On Friday night, the world’s top cryptocurrency exchanges, Binance and Coinbase, announced that they would temporarily suspend USDC conversions. This comes amid concerns that Circle, the issuer of USDC, holds some of its cash reserves at Silicon Valley Bank, which was closed by California’s financial regulator on Friday. Binance cited “current market conditions” and temporarily suspended the auto-conversion of USDC to BUSD while it monitors the situation. Similarly, Coinbase, the largest cryptocurrency exchange in the US, said it would suspend USDC conversion to USD over the weekend as banks are closed, citing the need for USD transfers from the banks

USDC Stablecoin Tumbles as Circle Admits Exposure to Silicon Valley Bank
2 weeks ago 2 mins read

USDC Stablecoin Plummets to 87 Cents Amid Circle’s Silicon Valley Bank Exposure

US Dollar Coin (USDC), the second largest stablecoin by market cap, has recently suffered a significant drop in value, currently trading at 91 cents, according to data on CoinMarketCap. This comes after the coin fell as low as 87 cents overnight, which is below its previous all-time low of 89 cents in May 2019. However, the coin has begun to recover as of Saturday morning. The cause of this depegging is due to Circle, the issuer of USDC, disclosing that $3.3 billion worth of cash reserves backing USDC are still held at Silicon Valley Bank, which was shut down by

The issuer of the USDC stablecoin
2 weeks ago 1 min read

Circle Steps Up to Support USDC, Covers $3.3 Billion Shortfall at Silicon Valley Bank

Circle, the issuer of the USDC stablecoin, has announced that it will take responsibility for any shortfall caused by the collapse of Silicon Valley Bank. In a blog post, Circle stated that it has a legal obligation to “stand behind” USDC and will use corporate resources and external capital if necessary to ensure that the stablecoin can be redeemed at a ratio of 1 for 1 with the U.S. dollar. The CEO of Circle, Jeremy Allaire, reiterated this commitment in a Twitter thread. The move follows a bank run on Silicon Valley Bank that saw USDC lose its peg to

Despegar the first online travel agency in the region to accept digital assets as payment.
2 weeks ago 1 min read

Despegar Takes the Lead as the First LATAM Travel Agency to Adopt Crypto Payments

Despegar, one of the leading travel agencies in Latin America, has partnered with Binance Pay and Inswitch to accept cryptocurrency payments for tour packages. This partnership makes Despegar the first online travel agency in the region to accept digital assets as payment. Initially, the option will only be available to customers in Argentina, but it may extend to other South American countries in the future. Customers can use over 70 cryptocurrencies to pay for their trips, including Bitcoin, Ether, Dogecoin, Litecoin, and Ripple. According to Paula Cristi, the General Manager of Despegar for Argentina and Uruguay, the company recognized the

The closure of Silicon Valley Bank (SVB) has created a sense of panic in the tech industry
2 weeks ago 1 min read

Silicon Valley Bank Failure: Regulators Rush to Sell Assets to Make Uninsured Deposits Available

The closure of Silicon Valley Bank (SVB) has created a sense of panic in the tech industry, as the Federal Deposit Insurance Corporation (FDIC) steps in as the bank’s receiver. According to a Bloomberg report, regulators are now working around the clock to sell assets of the failed bank this weekend, with the hope of making between 30% to 50% of uninsured deposits available for withdrawal on Monday. The bank, which has long been popular among tech companies and start-ups, had approximately $209 billion in total assets and $175.4 billion in total deposits as of December 31, 2022. The FDIC

The US SEC has filed an emergency action against BKCoin and its co-founder
2 weeks ago 1 min read

US SEC Takes Legal Action Against BKCoin and Co-Founder for Alleged Fraud Scheme

The cryptocurrency industry is no stranger to scams and frauds, and investors have been warned about the risks of investing in the industry. In a recent development, the US Securities and Exchange Commission (SEC) has filed an emergency action against BKCoin and its co-founder, Kevin Kang, for defrauding investors of $100 million. According to the complaint filed by the SEC, BKCoin and Kang had promised investors that their funds would be used to trade crypto assets, which would earn them huge returns on their investments. They even claimed to have received an audit opinion from a top-four auditor. However, the

Justin Sun confirmed the transfer of $100 million in USDC to Huobi exchange
2 weeks ago 1 min read

Justin Sun Transfers $100 Million USDC to Establish Huobi Liquidity Fund

Huobi, one of the leading cryptocurrency exchanges, has announced the creation of a $100 million liquidity fund to protect against significant drops of its HT token. This move comes in response to a sharp drop in HT’s value late Thursday U.S. time, which was caused by leveraged liquidation on the market. Justin Sun confirmed the transfer of $100 million in USDC to Huobi just after 04:25 UTC, or 11:27 AM Hong Kong time. The broader crypto market has also experienced a correction, with $307 million in positions across the market being liquidated as traders digest the impact of Silvergate’s exit

The price of the Huobi Token (HT) fell from around $4.70 to below $0.40 within minutes
2 weeks ago 1 min read

Huobi Token Plummets 93%, Justin Sun Points to Liquidations and Market Volatility

The Huobi Token (HT), the native token of the Huobi exchange, suffered a flash crash in the early hours of March 10. The price of HT fell from around $4.70 to below $0.40 within minutes, before recovering to around $3.95. The crash was attributed to a massive liquidation event that caused a cascade of forced liquidations in spot and contract HT markets. Despite the severity of the crash, Huobi advisor and TRON founder Justin Sun brushed it off as “market behavior.” Sun reassured users that the exchange and all funds were safe, and that Huobi would fully bear any losses

US Federal Reserve Takes Action with Launch of Crypto Team to Address Unregulated Stablecoins.
2 weeks ago 2 mins read

US Federal Reserve Forms Crypto Task Force to Address Unregulated Stablecoins

The US Federal Reserve has announced plans to create a new team of experts to keep up with developments in the cryptocurrency industry. The move comes amid concerns from the central bank about unregulated stablecoins. Speaking at the Peterson Institute for International Economics in Washington, Vice Chair for Supervision Michael Barr acknowledged that cryptocurrency could have a transformative effect on the financial system, but stressed the need for appropriate guardrails to be in place. Barr explained that the new crypto team will help the Federal Reserve keep abreast of new developments in the sector and ensure that appropriate regulations are

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