Home CryptoMarket Silicon Valley Bank down, USDC depegged, FTX billed $34M in Jan

Top news of the week

Silicon Valley Bank Shut Down by California Regulator Holds Over $5 Billion for High-profile Crypto VC

Silicon Valley Bank (SVB) was shut down by California’s financial watchdog on March 10 after it announced a major sale of assets and stock to raise additional capital. The California Watchdog has appointed the Federal Deposit Insurance Corporation (FDIC) as the beneficiary to protect insured deposits. However, the FDIC only guarantees up to $250,000 per depositor, per institution, and per ownership category. This bank held more than $5 billion of his funding from major venture capital firms. Silicon Valley Bank is one of the top 20 largest US banks, providing banking services to crypto-friendly ventures such as Sequoia Capital and Andreessen Horowitz.

USDC lifts peg as Circle confirms $3.3 billion stuck in Silicon Valley banks

USD Coin (USDC) issuer Circle has confirmed that $3.3 billion of its $40 billion USDC reserve remains in Silicon Valley banks. The stablecoin ecosystem felt the impact immediately as USDC was de-pegged from the US dollar and, as a result, major stablecoins such as DAI, USDD and FRAX were de-pegged from the US dollar. USDC prices slowly re-pegged late Saturday after a turbulent trading session. Circle plans to cover SVB’s lack of liquidity with corporate funds.

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Silvergate Capital Corporation ‘Voluntarily Liquidates’ Silvergate Bank

Silvergate Capital Corporation announced plans this week to “wind down operations” and liquidate its cryptocurrency arm, Silvergate Bank. The decision was made “in light of recent industry and regulatory developments,” the company said. Silvergate was one of the major banking partners of many cryptocurrency companies, but its solvency raised concerns after it delayed filing its annual financial report. While its closure does not appear to be a systemic risk to the U.S. banking system, crypto firms have been wary of the potential impact of its exit, including increased concentration of banks and challenges for U.S. crypto venture capital firms. I have it.

SBF lawyers suggest October criminal trial should be postponed

An attorney representing FTX founder Sam Bankman-Fried said the defense was still waiting for a “substantial chunk” of evidence and more charges were filed against Bankman-Fried in late February. Meanwhile, law firms, investment banks, and consulting firms working with FTX in its bankruptcy cases announced in January that they would be trading cryptocurrencies. FTX’s chief restructuring officer and new CEO, John J. Ray III, also paid $1,300 an hour for a total of $305,000 in February. I received a generous reward package of dollars.

Biden’s budget proposes a 30% tax on crypto mining energy use, doubling the capital gains tax, and banning crypto wash sales.

US crypto miners could be subject to a 30% tax on their electricity bills under President Joe Biden’s budget proposal aimed at “reducing mining activity.” The company that uses the resource, whether owned or rented, will be responsible for his 30% taxation of the cost of electricity used to mine digital assets, according to the White House. Another point in his budget that will impact the cryptocurrency industry is the end of tax loss harvesting and the reduction of the tax rate on his gains from his current 20% capital on long-term investments for some investors. His include nearly doubling to 39.6%.

winner and loser

Bitcoin for the weekend (Bitcoin) is $19,920,ether (ethereum) and $0,000 and XRP and $0.35The total market capitalization is $928.99 a billion, according to Go to Coin Market Cap.

Among the 100 biggest cryptocurrencies, this week’s top 3 altcoin risers are hippo (Hippopotamus) 12.40% for Bone Shiva Swap (Bone) 1.22% and UNUS SED LEO (Leo) at 1.05%.

This Week’s Top 3 Altcoin Losers Stack (STX) at -31.05% Mina (Mina) at -29.40% and SingularityNET (AGIX) -29.14%.

For more information on crypto prices, be sure to read Cointelegraph’s market analysis.

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most memorable quotes

“This industry is growing exponentially, especially at a young age, and we believe we are on the way to building a better and fairer financial system in the United States and around the world.”

Charlie ShremGeneral Partner of Druid Ventures

“Despite the regulatory framework around stablecoins, they will become commodities.”

Rostin BehnhamChairman of the U.S. Commodity Futures Trading Commission

“Without industry knowledge and experience, women may lose confidence and interest in pursuing a career in this industry.”

Sandy CarterChief Operating Officer and Business Development Officer, Unstoppable Domains

“It is important that regulators promote the growth of IoT and M2M payments, as this is key to maintaining the international competitiveness of Europe’s digital economy.”

Digital Euro Association

“Despite the volatility of the cryptocurrency landscape in 2022, consumers have not lost confidence in investing in cryptocurrencies.”

Paxos Annual Survey

“As the bank of choice for cryptocurrencies, Silvergate Bank’s failure is disappointing but predictable.”

Elizabeth WarrenUS Senator

Forecast for the week

Bitcoin Fights $20,000 As Traders Call Banking Turmoil ‘2008 Is Again’

Bitcoin fell to its lowest price since mid-January on March 10 as crypto markets panicked over a possible banking crisis, according to Cointelegraph Markets Pro. TradingView indicate.

BTC/USD pair suffers losses during yesterday’s Wall Street trading as risky assets retreat everywhere thanks to market coolness on the back of massive restructuring of US 16th largest Silicon Valley Bank (SVB) I saw most of the commercial lender.

“We’ll probably hit 18-19k before this is over – but it’s just a retest,” says pseudonymous trader Credible Crypto I have written on Twitter.

Uncertainty hangs in the air as the aftermath of the meltdown at SVB isn’t over yet. In particular, cryptocurrency stablecoins are feeling the heat. USD Coin traded at $0.93 per hour after he detached from the U.S. dollar on March 11 and revealed SVB that he held $3.3 billion, making it one of the world’s most stablecoins. It created a domino effect.

FUD of the week

Hedera confirms mainnet exploit led to service token theft

The team behind distributed ledger Hedera has confirmed that multiple liquidity pool tokens were stolen due to a smart contract exploit on Hedera mainnet. The attacker targeted a decentralized exchange liquidity pool token whose code was derived from his Uniswap V2 on Ethereum ported for use with the Hedera Token Service. Suspicious activity was detected when an attacker attempted to move stolen tokens through his bridge. Hedera has not confirmed the amount of tokens stolen.

Tether attacks WSJ over ‘banal allegations’ of forged documents in bank accounts

The company behind the stablecoin Tether has rejected reports alleging it has ties to an entity that forged documents and used a dummy company to access the banking system. The Wall Street Journal has reported that entities associated with Tether and its sister crypto exchange, Bitfinex, forged sales invoices and transactions to open bank accounts. Tether called the report’s findings “old-fashioned claims” and “completely inaccurate and misleading”. It claims to routinely and voluntarily assist foreign authorities.

NY AG sues KuCoin for selling securities and commodities without registration

New York State Attorney General Letitia James has filed a lawsuit against cryptocurrency exchange KuCoin after she was able to buy and sell cryptocurrencies on exchanges not registered in New York. James alleges that KuCoin violated securities laws when it “sold, offered to sell, purchased, and offered to buy cryptocurrencies that are commodities and securities” to The New Yorker. This lawsuit is one of the first cases in which a regulator has argued in court that ETH is a security.

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editorial staff

Writers and reporters from Cointelegraph Magazine contributed to this article.

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