Weekly Top Crypto News (March 7 - March 13)
In light of recent solid statistics, Jerome Powell believes the Federal Reserve will increase interest rates sooner than predicted. Powell also said before the Senate Banking Committee that the Fed’s battle against inflation would very likely have an impact on the job market. After the publication of Powell’s speech, bond rates rose, equities dipped, and the currency extended gains.
Unable to sustain itself after the financial crisis, Silvergate Bank ceased operations and liquidated assets. This plan is the best solution for a full refund of all deposits. Following the announcement, the bank’s share prBank’st a record low, falling 5.76% on Wednesday to $4.91, down 71.56% year-over-year.
Kucoin was sued for failing to comply with state registration regulations before allowing investors to buy and sell cryptocurrencies on their platform. District Attorney James requested a permanent injunction to prevent KuCoin from operating in New York until it complies with the law. The complaint also claims that Ethereum (ETH) – the second largest coin in the crypto market – is unregistered security. As of the time of writing, KuCoin has yet to respond to the subpoena from the NYAG.
The US government has ordered the 16th largest commercial bank in the US, Silicon Valley Bank, to close and confiscate its assets. The FDIC said it would open the withdrawal gate for insured deposits with a value of less than $250,000 following Monday. This was the most severe bank failure since the 2008 Financial Crisis, with $209 billion in losses. Share prices of other central banks in the United States all recorded a sharp decrease in the trading session on March 10 after the news appeared.
After a 4-day trial, the U.S. Bankruptcy Court finally gave the green light to Binance US’s plan to buy Voyager. The previous restructured plan has been approved by 97% of Voyager’s creditors, predicting it could restore up to 73% of assets to cash-strapped users on the company’s investment platform. Even so, the judge said he could still change his mind if he received new information. Voyager’s VGX token price surged nearly 20% following the positive news.
After the impact of Silicon Valley Bank, the USDC price fell precipitously, going below $0.97 in under 24 hours. Circle, a stablecoin provider, stated that the failure of Silicon Valley Bank harmed $3.3 billion, representing 8.25% of the total $40 billion in assets guaranteed by USDC.
Circle is facing problems as USDC, its stablecoin faces large withdrawals. The stablecoin issuer also confirmed the extent of the company’s influence in the fall of Silicon Valley Bank.
Huobi Global token fell over 90% on almost every cryptocurrency exchange on Thursday. Within an hour, the market worth of HT had dropped to almost $200 million. According to Justin Sun, the Huobi exchange is secure to use.
The Hedera network is under attack from a continuous exploit that targets the decompiling process in smart contracts. SaucerSwap Labs, a decentralized exchange, has requested that customers remove their cash. The HBAR Foundation said that it is monitoring the situation in order to remedy the problem.
MakerDAO proposes changes to limit exposure to potentially impaired stablecoins and risky collaterals while maintaining liquidity for DAI stablecoin. The banking industry crisis due to collapse of Silvergate and Silicon Valley Bank impacts stablecoins with high exposure to at-risk institutions.
Yuga Labs’ maiden Bitcoin Ordinal NFT collection sale has concluded, earning the company $16.5 million in under 24 hours. 288 bidders competed for one of the Bitcoin NFTs from the TwelveFold series. Yuga stated that the winning bidders would have their inscription within one week, while failed bidders would have their bid money reimbursed within 24 hours.
The service that converts USDC to USD will not be available until Monday due to a temporary suspension. The news that the value of USDC might drop below $0.94 during the next day could have an effect on the performance of Coinbase.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
Coincu News
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