On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement. CZ’s Decision to Convert $1 Billion BUSD Comes Amidst Troubles for Stablecoins Binance CEO Changpeng…
Cryptocurrency investment products lost 10% of assets under management last week as institutional investors rushed for the exit during the latest episode of market volatility prompted by the Silvergate and Silicon Valley Bank collapses. Digital asset investment products registered $255 million in outflows for the week ending March 12, marking the fifth consecutive weekly decline and the largest seven-day drop…
Cryptocurrency investment products lost 10% of assets under management last week as institutional investors rushed for the exit during the latest episode of market volatility prompted by the Silvergate and Silicon Valley Bank collapses. Digital asset investment products registered $255 million in outflows for the week ending March 12, marking the fifth consecutive weekly decline and the largest seven-day drop…
Investors pulled a net total of $255 million out of exchange-traded crypto funds last week, the largest weekly outflow CoinShares has ever recorded, according to a report on Monday. Assets under management, or AUM, fell by 10% over the past week to $26 billion, undoing the progress made in crypto-based funds since the start of the year. The drawdown represents…
Litecoin was back in the green on March 13, as cryptocurrency markets rebounded to start the week. The token rose by as much as 15% in today’s session, with the global crypto market cap trading nearly 10% higher. Ethereum classic also moved significantly higher. Litecoin (LTC) Litecoin (LTC) rose by as much as 15% to start the week, as cryptocurrency…
The price of Bitcoin is surging, up 19.8% in the past day after regulators and the Joe Biden Administration stepped in to assuage investors that depositors in the failed Silicon Valley Bank would be made whole—and that the U.S. banking system remains on stable ground. At the time of writing, Bitcoin was trading for $24,428, a near 20% increase in…
The price of Bitcoin is surging, up 19.8% in the past day after regulators and the Joe Biden Administration stepped in to assuage investors that depositors in the failed Silicon Valley Bank would be made whole—and that the U.S. banking system remains on stable ground. At the time of writing, Bitcoin was trading for $24,428, a near 20% increase in…
Several DeFi players have posted some serious figures amid the market’s latest chaos. The trading volume on the decentralized stablecoin exchange Curve Finance hit $6.03 billion on March 11 due to the panic caused to the depeg of Circle’s USDC stablecoin. The platform’s popular stablecoin pool, composed of Circle’s embattled USDC, Tether’s USDT, and MakerDAO’s DAI, accounted for nearly 80%…
Some foresee benefits if the U.S. finally gets sensible crypto regulation post-Silvergate, and traditional banks “may become warmer to establishing [crypto] relationships.” Source: https://cointelegraph.com/news/crypto-industry-may-escape-lasting-damage-from-silvergate-liquidation
Banks are the lifeblood of a nation’s economic system, and any bank collapse is disturbing. Last week saw two failures. On March 8, Silvergate Capital — the cryptocurrency-focused banking company — entered into voluntary liquidation. On March 10, United States regulators shut down and seized the deposits of tech-oriented Silicon Valley Bank in what was being called the second-largest bank failure…
