Tag: silicon valley bank

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Tokenized Diamond Market Booms Amid Crypto Banking Crisis as Investors Seek Hard Assets – Here’s What You Need to Know

March 18, 2023

Amidst the chaos of last weekend’s banking collapses and a major stablecoin depegging, investors found solace in a surprising asset class: tokenized diamonds.  As market volatility peaked, reports from CoinDesk show that sales in digitized diamonds skyrocketed by 300%, with Diamond Standard’s marketplace leading the charge.  Founder and CEO Cormac Kinney confirms that the surge…
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Undeterred by Fears of a Banking Crisis, ECB Raises Interest Rates by 50bps

March 18, 2023

The European Central Bank (ECB) has convened to raise three of its key interest rates by 50bps (0.5%), fueled by the persistence in the inflation numbers reported by the bloc. Christine Lagarde, president of the institution, stated that the banking sector in Europe was resilient and that the institution was ready to provide liquidity if…
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SVB Financial Group Files for Chapter 11 Bankruptcy Protection to ‘Preserve’ Firm’s Value

March 17, 2023

On March 17, 2023, SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company stated that it is no longer associated with Silicon Valley Bank (SVB) after the Federal Deposit Insurance Corporation (FDIC) placed it into receivership last week. 3…
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‘Next Round of Bailouts Is Here’ — Bitcoin and Precious Metals Soar Amid Speculation of Fed Policy Change

March 17, 2023

At around 7:30 a.m. ET, the price of bitcoin skyrocketed past the $27,000 range to a high of $27,025 per unit. Precious metals, or PMs, like gold and silver, also rose between 1.98% and 2.12% against the U.S. dollar over the past day. While many market observers are wondering why specific assets like PMs and…
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Did regulators intentionally cause a run on banks?

March 17, 2023

Silicon Valley Bank and Silvergate Bank were crucial to many in the cryptocurrency industry, and it’s fueling theories that regulators encouraged their downfall. Global economic conditions are tightening; interest rates are in flux; and inflation has yet to be curbed. Considering the economic headwinds, the fact that Silvergate Bank, Silicon Valley Bank and other banks…
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Today in Crypto: ‘If Government Bans Drugs, It Should Ban Crypto’, SVB Financial Group Files for Bankruptcy, BlockSec Stops Hacker from Stealing ETH 2,900

March 17, 2023

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________… Read More: Today in Crypto: ‘If Government Bans Drugs, It Should Ban Crypto’, SVB Financial Group Files for Bankruptcy, BlockSec Stops Hacker from Stealing ETH 2,900  Read more »Sign up for e-EUR –…
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USDC Stablecoin Sees Massive $3 Billion Outflows in Three Days – What’s Going On?

March 17, 2023

The popular stablecoin USD Coin (USDC) has seen outflows of around $3 billion over three days this week, issuer Circle said in a blog post on Thursday. According to the blog post, Circle redeemed $3.8 billion USDC and minted $0.8 billion new USDC tokens between Monday and Wednesday this week, making the net outflow $3…
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US Bank Outflows and Concerns Mount: 11 Banks Bail Out First Republic Bank From Collapse

March 17, 2023

After the fall of Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank (SNBY), First Republic Bank, a commercial bank and wealth management services provider, is the latest financial institution to receive a bailout. Close to a dozen lenders announced they will deposit $30 billion into the beleaguered bank’s coffers to shore up liquidity. U.S.…
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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…
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SVB collapse chilled NFT trading volumes: DappRadar

March 17, 2023

Just 11,440 NFT traders were active on March 11, which was the lowest figure recorded since November 2021. Nonfungible token trading volumes took a massive beating following the collapse of Silicon Valley Bank last week as traders fled the markets, fearing the repercussions of a major United States bank going under. According to a March 16…
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