While the global economy buzzed by the sudden collapse of the U.S. second-largest bank, Silicon Valley Bank (SVB), Goldman Sachs analysts predicted that they “no longer expect an interest rate hike” at March 22 meeting. In the past, Goldman Sachs reportedly predicted that Fed’s interest rates would increase by 25
The macroeconomy witnessed a cascade of bank failures – Silvergate, Silicon Valley, and now Signature – in the US economy. Since all these were crypto-friendly banks, the impact of their collapses caused significant declines in the crypto market. The sudden de-pegging of Circle-issued USDC is the evident aftermath of the
Most recently, it was declared by the government of the United Kingdom (UK) that HSBC holdings had acquired the British affiliate of the Silicon Valley Bank. This comes after a U.S. government body took action to protect depositors at the failing bank. The CEO of HSBC, Noel Quinn, was quoted
Signature Bank was shut down by US authorities after the collapse of Silicon Valley Bank made headlines. Specifically, the New York-based bank has been shuttered claiming “systemic risk,” according to a joint statement made today by the Federal Reserve, Treasury, and FDIC. Customers of SVB will have access to their
The largest cryptocurrency, Bitcoin ($BTC), starts the week with significant price changes. BTC soared more than 9.5% in the last 24 hours after plunging as low as the $19 range over the weekend. Also, the biggest altcoin, Ethereum ($ETH), rose by almost 10%. The price of Bitcoin is skyrocketing as
Robert Kiyosaki, author of Rich Dad Poor Dad, says another financial institution is on its way out. As he pointed out, two big financial institutions have already “crashed.” On Friday, U.S. authorities closed Silicon Valley Bank, and on Wednesday, Silvergate Bank voluntarily liquidated. Kiyosaki tweeted: “Two major banks have crashed.
When it comes to cryptocurrency, the Indian government has always been wary because of its decentralized aspect. The recent bankruptcies of many cryptocurrency enterprises, however, have only amplified the voices of others who disagree. To add insult to injury, crypto frauds have caused significant harm to individuals curious about cryptocurrency
Russian cryptocurrency miners who want to escape prosecution by the state will be required to file tax returns. This would include detailing their earnings and providing authorities with information about their digital assets, including wallet addresses. That’s what the Moscow government is considering doing, at least in terms of a
In a statement made on March 10th, the Bank of England (BoE) announced that SVB UK will “stop making payments or accepting deposits.” Because BoE planned to petition the court to initiate a “Bank Insolvency Procedure” against SVB UK. As Silicon Valley Bank’s U.K. branch (SVB UK) has no “critical
After a promising start, crypto has taken a beating this year, with external factors being at fault once again being the primary cause. As a consequence, bitcoin and other cryptocurrencies have suffered, contributing to yet another shift in public opinion. Several cryptocurrency-related organizations and projects collapsed last year, leading to
