The crypto market is taking a walloping, and there are three important reasons why BTC’s $380 billion valuation is a key support for the entire market. Big round numbers always pique the interest of investors and the $1 trillion total crypto market capitalization is no exception. It’s a level that held for 48 days before…
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BTC price targets extend to $18,000 with Bitcoin bulls increasingly failing to preserve $20,000 as support amid further SVB Financial fallout. Bitcoin (BTC) struggled to reclaim $20,000 support at the March 10 Wall Street open as fears mounted over Silicon Valley Bank (SVB) contagion. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader targets $18,000 BTC…
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Concerns have been raised around the financial health of the tech-focused bank, which services the likes of crypto-friendly VCs such as Sequoia and a16z. Fears have been heightened over the future of another United States bank this week after Silicon Valley Bank (SVB) announced a significant sale of assets and stocks aimed at raising additional…
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The company claimed that the bank’s voluntary liquidation is its best path forward due to recent industry and regulatory developments. The parent company of Silvergate Bank, known to many in the space as one of the major crypto banks, has announced plans to “wind down operations” and liquidate the bank. In a March 8 announcement,…
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Officials from the government agency reportedly entered Silvergate’s headquarters last week, with discussions revolving around how to salvage the crypto bank. Regulators are reportedly in urgent talks with Silvergate to find ways to save the crypto-friendly bank from a possible shutdown. Citing “people familiar with the matter,” Bloomberg reported on March 7 that Federal Deposit…
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BTC’s $1,420 decline in the span of 1-hour negatively impacted demand for stablecoins in Asia and it shifted futures traders into a more defensive attitude. Bitcoin (BTC) faced a 1-hour $1,420 pullback on March 3 following Silvergate Bank’s 57.7% stock crash which was due to significant losses and “suboptimal capitalization.” The U.S. fintech-friendly bank was…
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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: Pro-Russian & Neo-Nazi Militia Groups Promoting Digital Wallets for Crowdfunding on Telegram, Crypto Scams in Hong Kong up 67%, Thailand to Offer Tax Breaks…
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The prominent cryptocurrency exchange Kraken is making its foray into the banking industry with the establishment of Kraken Bank. “We’re building a better kind of crypto & Bitcoin bank for our clients,” said the exchange on its website. The Wyoming, USA-based bank is called Kraken Financial, but “due to overwhelming demand, it will be known…
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The spokeswoman said that she won’t be commenting specifically on Silvergate, but the White House will be actively monitoring the situation. The Biden Administration is “aware of the situation” at Silvergate and will continue to monitor reports on the troubled bank as it unfolds, according to a White House spokesperson. Speaking at a press briefing…
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Silvergate Bank has discontinued its cryptocurrency payments network. The decision to shut down Silvergate Exchange Network followed the withdrawal of banking relationships by several major cryptocurrency firms, including Coinbase, Gemini, Paxos, and Circle. Silvergate Discontinues Crypto Payments Network Silvergate Bank announced Friday that its cryptocurrency payments network, the Silvergate Exchange Network (SEN), has been terminated.…
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