The death spiral of the Terra (LUNA) and TerraUSD (UST) ecosystem served as a catalyst to the 2022 bear market — causing losses in the millions, damaging investor sentiment and intensifying the regulatory spotlight over cryptocurrencies. However, the recent depegging of Circle’s USD Coin (USDC) led Binance CEO Changpeng ‘CZ’ Zhao to believe that traditional
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China has named a general who is under US sanctions as its new defence minister, creating an additional hurdle for military dialogue as the two countries fret that geopolitical tensions could boil over into conflict. Li Shangfu, an aerospace engineer with little previous international exposure, was confirmed as the top military official on Sunday. His
Billionaire Bill Ackman has warned of “vast and profound” consequences of the U.S. government letting Silicon Valley Bank (SVB) fail without protecting all depositors. “No company will take even a tiny chance of losing a dollar of deposits as there is no reward for this risk. Absent a systemwide FDIC deposit guarantee, more bank runs
The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that another bank is set to crash following the collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Kiyosaki also recently said the world economy is on the verge of collapse, warning of bank runs, frozen savings, and
Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC’s collateral was held at Silicon Valley Bank. However, not all of them had success during panic selling. One user paid over 2,000,000 USDC to receive $0.05 of Tether
On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC, and noted that the stablecoin’s liquidity operations will resume normally on Monday morning in the United States. Circle said that the company’s teams would be ready on Monday to “handle significant volume” and that the firm will “stand behind USDC and
Top Stories This Week Silicon Valley Bank shut down by California regulator, holding over $5 billion for prominent crypto VCs Silicon Valley Bank (SVB) was shut down by California’s financial watchdog on March 10 after announcing a significant sale of assets and stocks aimed at raising additional capital. The California watchdog appointed the Federal Deposit
After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures. Fallout From SVB Failure Prompts BOE to Close U.K. Branch The ripple effect of the 16th largest bank in
Rishi Sunak has tried to distance the government from the row consuming the BBC over its suspension of football presenter Gary Lineker for what it said was a breach of its political impartiality policy. The prime minister called on the broadcaster to resolve the row quickly, intensifying pressure on Tim Davie, its director-general, who apologised
USD Coin (USDC) issuer Circle plans to use “corporate resources” to cover the shortfall on its reserves following Silicon Valley Bank’s shutdown, said the company in a statement on March 11. According to Circle, USDC liquidity operations will “resume as normal when banks open on Monday morning in the United States,” enabling USDC redemption at
Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture capitalists caused a bank run, while others
The Cosmos community has approved a vote to add “replicated security (RS)” to its chain, with 99.99% of votes in favor of the motion. The much-awaited upgrade is set to go live on March 15, 2023, with the v9-Lamba upgrade. RS is the first version of Cosmos’s Interchain Security (ICS) feature, allowing blockchains in the
On March 11, 2023, the decentralized finance project Makerdao issued an emergency proposal following the USDC depegging incident that saw the stablecoin dip down to $0.877 per unit. At the time of writing, Makerdao commands $3.1 billion in USDC collateral that backs a portion of the project’s stablecoin, DAI. Makerdao Proposes Changes to Limit Exposure
On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET)
Bitcoin (BTC) price is up on March 11 as cryptocurrency markets stabilize following panic over a potential banking crisis. Data from Cointelegraph Markets Pro and TradingView shows BTC/USD climbing past $20,300 at the time of writing, the pair up 2% from the day’s lows. After threatening to lose $20,000 as support, bulls are attempting to
The Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, uncertainty and doubt (FUD) across the crypto community, leading many to return to crypto roots — reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008. It’s truly amazing how many people are scared that a couple banks
The failure of Silicon Valley Bank and the sell-off in US banks that followed have highlighted the lasting dangers of a strategy many lenders used to boost profits when interest rates were low. Over the past three years, banks became accustomed to investing customer deposits in fixed-income securities when they could not profitably lend them
More than 200 UK-based tech company executives have urged Downing Street to intervene after the collapse of Silicon Valley Bank, which they warned poses an “existential threat to the UK tech sector”. The Bank of England moved to put the UK arm of SVB into insolvency late on Friday following the shutdown earlier in the
Solana rebounded from a two-month low to start the weekend, as bulls reentered the market to buy the recent dip. Overall, the global crypto market cap is currently trading 1.8% higher, following a nearly 10% drop on Friday. Polygon was another notable mover, as price rose by nearly 7% on Saturday. Solana (SOL) Solana was
The BBC is embroiled in a mounting crisis over its decision to force Gary Lineker to “step back” from hosting its highest-profile sports programme after accusing him of breaching its political impartiality policy. Lineker’s suspension from Premier League highlights show Match of the Day has triggered a walkout by other BBC staff and contributors, plunging
Layer-2 networks continue to gain momentum as the Ethereum ecosystem advances. For example, data from analytics provider Token Terminal found that layer-2 scaling solution Polygon had 313,457 daily active users as of Jan. 17, 2023 — a 30% increase in activity since October 2022. Moreover, the Polygon ecosystem recently announced the launch of its beta