Past weekend has given a panic attack to every other person in the financial sector, whether the conventional banking arena or the crypto market. The current week has started quite positively now. Bitcoin (BTC) moved up from $19.6K to $24.8K. The intense rise in the price and sudden drop is
Bitcoin (BTC) fell roughly 8% in the last 24 hours before Friday morning’s employment figures. But it has since recovered marginally, rising back to just around $20,000. A steady unemployment rate of 3.4% was predicted, but instead, the rate increased to 3.6%. Recent statistics indicate a frightening $2 trillion loss
Silvergate, the crypto-friendly banking service wind down its operations and is in process of voluntary liquidation. The bank announced the stoppage of crypto payment services, which was major “the heart” of the firm, as the week began. The crypto ecosystem now will have one less banking support. Silvergate news announcement
Leading crypto exchange Gemini stated on its official Twitter account that “Gemini’s banking relationship remains intact with JPMorgan.” This statement comes after the rumors claimed earlier on Wednesday which cited an unnamed source, the American multinational financial service company JPMorgan is ending its banking relationship with the cryptocurrency exchange. Despite
As a result of the Silvergate Debacle, the price of Ethereum, the second biggest cryptocurrency, is coming under heavy selling pressure. Investors are wary of reentering the market after Silvergate’s recent filings raised the spectre of the company’s collapse. Yet, a sleeping whale’s wallet was seen splurging from its fund
The market capitalization of cryptocurrency is on the verge of falling below $1 trillion. The peak of the global market cap was witnessed on April 2022, with a $2.67 trillion measure. Further, post the downfall of the algorithmic stablecoin TerraUSD and its sister coin LUNA on May 2022, the market
On March 3, Silvergate, a cryptocurrency bank, stated that it will be closing down its digital asset payment network. Citing a “risk-based decision” as the reason for the move. This action was taken after the bank’s shares dropped by 59% in the previous five days on worries that it would
In an announcement made today, Coinbase, the biggest cryptocurrency exchange in the United States by trading volume, said it would no longer process transactions to or from Silvergate bank. Coinbase has said that “out of an abundance of caution” and in light of recent events involving the San Francisco-based crypto
The world’s leading payment giant, Visa, stepped up to deny the news of temporarily halting their crypto services on Twitter. The seeming news involved the payment giants – Visa and Mastercard – and caused high speculations in the financial sector. Clearing those all, Visa’s Head of Crypto, Cuy Sheffield, declared
In the wake of the crypto industry meltdown, the two largest credit card giants, Visa and Mastercard, plan to pause new partnerships with cryptocurrency firms. This action from the multinational payments service company comes after the crypto exchange FTX and cryptocurrency lender BlockFi filed for bankruptcy, which sent shockwaves to
