Browsing:Crypto

IMF's report highlighted the potential risks associated with the proliferation of cryptocurrencies
1 year ago 1 min read

IMF Warns G-20 of Potential Impact on Banks from Widespread Crypto Use

The International Monetary Fund (IMF) has cautioned that the widespread use of crypto assets could pose a threat to banks, leading to a potential loss of deposits and limited lending. The IMF’s report on the “Macrofinancial Implications of Crypto Assets,” presented to the Group of 20 (G-20) in February, was recently made public. The report highlighted the potential risks associated with the proliferation of cryptocurrencies, including its impact on monetary policy, capital flow management, and fiscal sustainability. Additionally, the report stated that central banks’ reserve holdings and the global financial safety net might require modifications to ensure stability. The IMF

Bitcoin whales and sharks have accumulated a staggering $821.50 million worth of BTC
1 year ago 1 min read

Whales Accumulate Over $820 Million Worth of Bitcoin in One Week

Crypto analytics firm Santiment has reported that Bitcoin whales and sharks, or addresses holding 10 to 10,000 Bitcoin, have accumulated a staggering $821.50 million worth of BTC in the past week. This comes as the value of Bitcoin fell below $20,000, prompting some investors to buy the dip. Despite the heavy accumulation from the largest Bitcoin holders, Santiment suggests that investors should keep an eye on the traditional markets for clues on what comes next for BTC. The correlation between crypto and equities is a key factor to watch. Interestingly, the analytics firm also notes a shift in trader behavior,

DEXs Uniswap and Curve experienced a surge in trading volumes
1 year 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
1 year 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

acquisition of Silicon Valley Bank U.K. for £1 ($1.21).
1 year ago 1 min read

Silicon Valley Bank’s UK Unit Sold to HSBC Subsidiary for Nearly Nothing

HSBC U.K. Bank, the ring-fenced subsidiary of HSBC Holdings Plc (HSBA), has announced its acquisition of Silicon Valley Bank U.K. (SVB U.K.) for £1 ($1.21), according to a filing. SVB U.K. had loans worth approximately $6.6 billion and deposits worth around $8.1 billion as of March 10, as per the filing. This acquisition is expected to provide strategic benefits to HSBC’s commercial banking franchise and enhance its ability to serve innovative and fast-growing companies, particularly in the technology and life-science sectors, in the U.K. and beyond, said Noel Quinn, HSBC Group CEO. The sale, which was announced on Monday, was

SVB Contagion Hits Crypto Companies
1 year 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.
1 year 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
1 year 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
1 year 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.
1 year 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
1 year 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 Bank of England has stopped the operations of Silicon Valley Bank’s U.K. branch
1 year ago 1 min read

Bank of England orders Silicon Valley Bank’s UK branch to close

The Bank of England (BoE) has stopped the operations of Silicon Valley Bank’s U.K. branch (SVB UK), stating that it has a limited presence in the UK and no critical functions supporting the financial system. The bank regulator issued a statement on March 10, announcing that SVB UK will stop making payments or accepting deposits as it seeks to place the bank into a Bank Insolvency Procedure. The move comes on the same day that the California Department of Financial Protection and Innovation ordered the closure of Silicon Valley Bank (SVB) in the United States. BoE explained that a bank

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