Top news of the week
Silicon Valley Bank Shut Down by California Regulator Holds Over $5 Billion for High-profile Crypto VC
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
Biden’s budget proposes a 30% tax on crypto mining energy use, doubling the capital gains tax, and banning crypto wash sales.
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
Tether attacks WSJ over ‘banal allegations’ of forged documents in bank accounts
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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