Just one week following a dramatic plunge in New York Community Bancorp’s shares, which tumbled 40% in a single day at January’s close, Moody’s Investors Service downgraded the bank’s credit rating to junk status. The bank’s troubles have ignited concerns over a potential banking contagion that continues to unsettle regional banks. On Wednesday, the recently…
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In a post on X, Arthur Hayes, the co-founder of the derivatives crypto exchange BitMEX, said it might be time for traders to double down on Solana (SOL) and altcoins in general. Hayes’s comments come at a time of heightened volatility in the broader crypto market, with Bitcoin (BTC) struggling to regain its footing and altcoins,…
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New York Community Bancorp (NYCB) faced significant challenges on Wednesday, with its shares plummeting by over 40%, prompting a halt in trading. Currently, NYCB shares have experienced a decline of just above 36%, trading at $6.61 per share. Last Year’s Banking Fears Resurface as NYCB Faces Harsh Earnings Reality Financial challenges have resurfaced with New…
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The U.S. economy experienced an interesting year in 2023, marked by unprecedented upheaval within the American banking sector due to the combined collapse of three major banks, the largest the nation has historically seen. Amidst this chaos, crypto assets such as bitcoin demonstrated remarkable resilience, even capitalizing on the banking sector’s misfortunes. Concurrently, other repercussions…
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Tether’s reported new partnership with Britannia Bank makes it the third Bahamas-based bank to join forces with the stablecoin issuer. Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Bank & Trust, a private bank based in The Bahamas to process dollar transfers on its platform. It is understood Tether has instructed clients to…
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The US crypto industry has a new favorite banking partner, a small Pennsylvania-based called Customers Bank. According to a Bloomberg article citing sources familiar with the matter, the bank is partnered with hundreds of crypto companies, with a wave of new clients coming in after the collapse of crypto-friendly banks Silvergate Capital and Signature Bank…
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Elizabeth Warren reportedly took advice from Wall Street short-seller Marc Cohodes, who cashed in on the collapse of Silvergate and Signature banks. What do progressive Democrats, Republican national security hawks and Wall Street traders have in common? They are all apparently enlisting in United States Senator Elizabeth Warren’s “anti-crypto army.” The progressive senator’s reported alliance…
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Stablecoins could help crypto firms to remove themselves from the banking system — and prevent the U.S. government from cutting off their financial lifelines. Boosting financial inclusion is one of crypto’s strongest value propositions. Yet, ironically, the banking crisis has effectively de-banked the crypto industry itself, at least in the United States. How things panned…
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In a recent press release from the U.S. Federal Reserve Board of Governors, it was disclosed that Silvergate Bank has been given a ten-day deadline to submit a plan outlining its self-liquidation procedure and the systematic cessation of operations. This order from the central bank comes in the wake of Silvergate’s declaration of voluntary liquidation…
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Sen. Cynthia Lummis said she found it disappointing that a former crypto-friendly Signature Bank executive is not taking the blame for the failed bank, while criticizing his wordiness about crypto. The Wyoming Republican, who has advocated for crypto, questioned Signature Bank’s former Chairman Scott Shay and former President Eric Howell on Tuesday at a Senate…
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