Credits rating agency Moody’s downgraded the debt rating of recently collapsed New York-based Signature Bank deep into “junk territory.” Moody’s rated Signature bank’s subordinate debt c, the grade indicates that the company is vulnerable to adverse economic conditions. It also stated that Moody’s withdraws the future ratings of the collapsed
Peter Schiff, an economist and gold obsessive, has returned with more dire predictions for the American economy. On Friday, he tweeted that the Federal Reserve had ruined the American financial system, pointing out that without government intervention, it would fail. As Schiff put it: “Bank of America pays just .05%
Poor management and a lack of liquidity were found to be major factors in the demise of Signature Bank. FDIC chairman Martin Gruenberg, on the other hand, thinks the bank should have known better about the dangers involved with cryptocurrencies or it would not have fallen so quickly. Gruenberg brought
Before the US market could recover completely from the bank collapse, another major bank crisis occurred in the US. After the continuous collapse of Silicon Valley Bank and Signature Bank, the shares of First Republic Bank dropped to their lowest level after losing half of their value. The stock price
First Republic Bank’s ($FRC) share price plunged around 50% as it lost more than $100 billion in customer deposits. Despite this, Bitcoin’s (BTC) price surged over 6% to the $29K price range. After losing more than half of its deposits, First Republic Bank has a steep slope to climb to
The chairman of the Securities and Exchange Commission (SEC), Gary Gensler, was questioned by House Republicans on the SEC’s stance on digital assets at a recent hearing. Legislators raised issues with the SEC’s approach to FTX and the lack of clarity around whether ether is a security. Gensler, while describing
A recent tweet states that Binance’s U.S. division faces challenges finding a suitable new banking partner. The objective is to see a financial institution that can securely handle the cash deposits made by Binance users. Binance’s U.S. arm is actively searching for a new banking partner after the recent collapse
Tether Holdings Ltd. has never had direct access to the U.S. financial system. The firm was able to find a way in for some time by collaborating with Signature Bank. It has been claimed that the firm directed its cryptocurrency customers to use the Signet transaction platform to wire dollars
On Tuesday, United States Federal Deposit Insurance Corporation (U.S. FDIC) reported that the account holders of Signature Bank have to close and transfer their funds within the 5th of April 2023. FDIC declares, all the deposit accounts will get transferred to Flagstar Bank. Are Signature Bank’s Crypto Clients Safe? All
Chinese state-owned banks have emerged as an unexpected source of possible support for the influx of cryptocurrency businesses into Hong Kong after the city granted access to the beaten-down industry. Moreover, Chinese banks have been reaching out to crypto firms directly over the last few months, adding to indications that
