Silicon Valley Bank (SVB), which had connections to big-shot international technology firms and venture capital, failed on 10th March due to one of the oldest issues in banking. Also, the startling collapse of Silicon Valley Bank and Signature Bank, which were affected by SVB, continued the wave in the U.S.
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
Since heightened volatility during pre-market hours on Monday, significant bank stocks have been suspended in the wake of Silicon Valley Bank’s demise. That led equities to witness a crucial selloff. Also, the shares of First Republic Bank dropped by more than 60% due to a cascading effect from the second-largest
The second largest stablecoin USD Coin (USDC) depegged from its $1 parity owing to the shutdown of the US banking giant Silicon Valley Bank on Friday. The failure of this largest bank is registered as the worst banking crash since the 2008 financial crisis. The custom of crypto firms depositing
The two leading cryptocurrency exchanges, Binance and Coinbase, announced on Friday night that they will temporarily halt USDC conversions until the ripple effect of the collapse of Silicon Valley Bank plays out. The action was taken because of fears that USDC stablecoin issuer Circle was keeping part of the stablecoin’s
The credit card giant Visa aims to integrate Ethereum blockchain-powered solutions into its services. According to the firm, they have been experimenting with “how to accept payments from issuers in USDC on Ethereum and payout in USDC”. Additionally, there are large settlement payments. The President of the cryptocurrency division at
Coinbase notes that acceptance of USDC has lagged behind that in the US. Coinbase, together with Circle, is a founding member of USDC. It seems that USDC, USDT, and BUSD are all maintaining their positions as the top three currencies. The USD currencies USDC, TUSD, and USDP have all been
TBD will enable USDC stablecoin cross-border payments and self-custody. The firm will support the USDC stablecoin for a number of use cases. Jack Dorsey’s payment company Block’s subsidiary TBD has teamed with Circle. In order to develop open standards and open-source technology. This will facilitate the widespread use of digital
Binance to stop its support for USDC, USDP, and TUSD from the end of September. The existing funds of the coin will automatically convert these coins to BUSD. The largest cryptocurrency exchange, Binance recently revealed that the platform will discontinue its support for the stablecoins such as USD Coin (USDC),
According to FCA, U.S and U.K relations on crypto regulation will strengthen. The U.S. and U.K. will regulate stablecoins and investigate CBDCs. Nikhil Rathi, CEO of the U.K. Financial Conduct Authority (FCA), spoke about the FCA’s regulatory objectives on Wednesday at the Peterson Institute for International Economics. The CEO of
