The recent attack that drained $197 million from Euler Finance was dubbed the biggest decentralized finance (DeFi) hack of 2023 so far. However, this may not hold for much longer as the hacker reportedly had a change of heart. On March 18, roughly 3,000 Ether (ETH) ($5.4 million) were returned to Euler Finance’s deployer address
The market capitalization of Bitcoin (BTC) has added $194 billion in 2023. Its 66% year-to-date (YTD) growth is vastly outperforming top Wall Street bank stocks, particularly as fears of a global banking crisis are rising. Moreover, Bitcoin has decoupled from U.S. stocks for the first time in a year, with its price rising about 65%
Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency. Russian State Duma Passes Digital Ruble Draft Law on First Reading The lower
The organization representing Russia’s crypto sector has asked the government in Moscow to clarify a proposal to introduce criminal liability for “gray” miners. The draft legislation seeks to punish those who fail to report their income to the state and share information about their digital assets. Crypto Companies in Russia Want to Take Part in
The governor of India’s central bank, the Reserve Bank of India (RBI), says the “ongoing U.S. banking crisis” clearly demonstrates the risks cryptocurrency poses to the financial system. The central bank chief added that the “Indian economy remains resilient,” emphasizing that the “worst of inflation is behind us.” India’s Central Bank Governor on Crypto Risks
The Dubai Multi Commodities Centre, one of the biggest free trade zones in the world, signed agreements with governments and companies in South Korea to bring more Web3 and metaverse businesses to the emirate. The objective of this move is to consolidate the status of Dubai as an international blockchain hub in the region. Dubai
David Tepper has snapped up bonds of SVB Financial Group, the parent company of Silicon Valley Bank, in a bet that the value of the debt will rise as parts of the group are auctioned off, said people briefed on the matter. Tepper acquired the bonds along with preferred stock via Appaloosa, which for the
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
An explosion of volatility in US Treasuries following the collapse of Silicon Valley Bank has provided the sternest test of a market that underpins much of the global financial system since a dramatic meltdown in the early stages of the Covid-19 pandemic. But while the $22tn market for US government debt this week suffered its
Top Democrats in Congress have called for a federal investigation into the role Goldman Sachs played in the collapse of Silicon Valley Bank, and urged regulators to examine whether the investment bank’s profits handling a $21bn trade for SVB should be repossessed. “As Goldman Sachs is poised to profit from SVB’s failure, we strongly urge
UBS is in discussions to take over all or part of Credit Suisse, with the boards of Switzerland’s two biggest lenders set to meet separately over the weekend to consider Europe’s most consequential banking combination since the financial crisis, according to multiple people briefed on the talks. The Swiss National Bank and regulator Finma are
First Republic Bank stock tumbled yet again on Friday after a financial lifeline from large US banks that deposited $30bn into its accounts failed to calm investor fears. Shares in the San Francisco-based lender closed down 32.8 per cent in the first session after 11 of the largest US banks, spearheaded by JPMorgan Chase, said
On Monday this week, the most important market in the world went, to use the technical term, completely bananas. Government bonds have a habit of rallying when the going gets tough, which it indisputably did when Silicon Valley Bank imploded. So a jump in US Treasury debt prices off the back of this makes sense.
In another life, Ulrich Körner would be best known for trying to save a different Swiss bank from collapse. In September 2011, UBS was in disarray after rogue trader Kweku Adoboli lost $2.3bn and chief executive Oswald Grübel was forced to resign. As the board scrambled to find a replacement, early press release drafts had
Municipals were firmer in spots to end a chaotic week that saw triple-A benchmarks both follow U.S. Treasuries in a flight to quality and ignore UST movements — as munis did on Friday for the most part — as the banking sector crisis continued. USTs rallied and equities sold off Friday. Triple-A benchmarks were bumped
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
The International Criminal Court has issued an arrest warrant for Vladimir Putin for the war crime of deporting children from Ukraine to Russia. Pre-trial judges of The Hague-based International Criminal Court said the Russian president was “allegedly responsible” for the forced transfer of children from occupied areas of Ukraine to Russia during the two countries’
In cryptocurrency trading, a “buy wall” is a massive buy order, or multiple buy orders, around a particular price level. Conversely, a “sell wall” is a significant accumulation of sell orders at a given price level. Before understanding how buy and sell walls work, it is important to know what an order book and its
Regional leaders in the Northeast kept up high-profile efforts to show support for local entities facing challenges after the failures of Silicon Valley Bank in California and Signature Bank in New York. Despite federal measures to backstop all deposits, even those higher than the $250,000 deposit insurance limit, the failure of the California bank, which
The total crypto market capitalization increased by 26% in seven days, reaching $1.16 trillion on March 17. Bitcoin (BTC) was the biggest winner among the top 20 coins, up 31.5%, though some altcoins gained 50% or more during that period. The surge in cryptocurrency prices occurred as the United States Federal Reserve was forced to
Late last Saturday night, Jason Calacanis, a prominent internet entrepreneur and investor, hit the caps button on his keyboard and tweeted out a warning about the collapse of Silicon Valley Bank. “YOU SHOULD BE ABSOLUTELY TERRIFIED RIGHT NOW — THAT IS THE PROPER REACTION TO A BANK RUN AND CONTAGION,” he wrote. “THIS WILL SPIRAL