collapse – Page 3 – Ƀitsell X

Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector

March 25, 2023

U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as the government’s efforts last week failed to quell the country’s financial calamity. Janet…
Read more

Shares of Deutsche Bank, Other Euro Lenders Tumble

March 25, 2023

Deutsche Bank shares plunged on Friday, along with the stocks of other European banks, amid investor concerns over the stability of the global banking sector. The drop comes in the aftermath of the recent emergency rescue of Credit Suisse and follows losses in U.S. banks on Thursday. Deutsche Bank Credit Default Swaps Jump to 4-Year…
Read more

Several Major Central Banks Take Coordinated Action to Boost Liquidity Amidst Banking Crisis

March 20, 2023

On Sunday evening, March 19, 2023, at 5:00 p.m. Eastern Time, the U.S. Federal Reserve, along with several central banks including the Bank of England, Bank of Canada, Bank of Japan, the European Central Bank, and the Swiss National Bank, announced a coordinated action to enhance the provision of liquidity via the standing U.S. dollar…
Read more

Chair of EU Parliament’s Committee on Budgets Calls for Crypto Ban Amid Banking Turmoil

March 19, 2023

A European lawmaker has urged authorities to impose a ban on cryptocurrencies citing the current crisis in the banking sector as a reason. Johan Van Overtveldt, former finance minister of Belgium, believes these assets bring no economic or social value. Belgium’s Ex-Finance Minister Suggests Ban on Decentralized Digital Currencies Member of the European Parliament, Johan…
Read more

Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash

March 17, 2023

The collapse of FTX led to a similar exodus from centralized exchanges, as users worried they may lose access to funds during crises. The collapse of Silicon Valley Bank saw investors loading their bags with USD Coin (USDC), along with an exodus of funds from centralized exchanges (CEXs) to decentralized exchanges (DEXs). Outflows from centralized exchanges…
Read more

Republican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from US

March 17, 2023

On Wednesday, Tom Emmer, the U.S. Republican congressman from Minnesota, revealed he sent a letter to Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), regarding reports that the FDIC is “weaponizing recent instability” in the U.S. banking industry to “purge legal crypto activity” from the United States. Specifically, Emmer asked Gruenberg if…
Read more

British Bank Natwest Implements New Limits on Cryptocurrency Payments to Combat UK Crypto Scams

March 15, 2023

On March 14, 2023, the U.K.-based bank Natwest Group announced new limits on cryptocurrency payments, citing crypto scams that cost U.K. consumers £329 million annually. The limit imposed on crypto exchanges is £1,000 daily ($1,215), with a 30-day limit of £5,000 ($6,077). Natwest’s Cautious Approach Towards Crypto Assets Prompts Another Transfer Limit Amid the banking…
Read more

Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders

March 14, 2023

The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S. Department of Justice (DOJ) and…
Read more

‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion

March 12, 2023

Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture capitalists caused a bank run, while others…
Read more

89% still trust centralized custodians despite 2022’s collapses: Survey

March 8, 2023

A January survey from Paxos found that 89% of respondents still trusted “intermediaries” to hold their crypto, despite the collapses and bankruptcies last year. American crypto users haven’t lost their trust in “intermediaries” to hold their crypto, with a January survey from Paxos suggesting a majority of United States crypto hodlers still trust banks, exchanges…
Read more

Category: collapse