Analysis Crypto by Thebittimes.Com

Following the closure of Silicon Valley Bank last week, First Re public has seen its stock crash to an all-time low, according to Forbes. Specifically, the report noted shares plummeted another 30% on Thursday, as the California-based bank is “weighing a sale.” The report notes that the stock plummeted to $22 on Thursday morning before trading was halted on the New York Stock Exchange. Moreover, the drop signifies, “its lowest share price since going public in 2010,” according to Forbes. Source: New York Times First Republic Next to Fall? The past few weeks have induced new panic in the financial sector, as several US banks have collapsed. Specifically, Silicon Valley Bank and Signature bank were closed by regulators on Sunday. The Federal Reserve announced a ballot procedure to protect depositors of the failed bank. Per their website, First Re public is a top-25 bank in the US by asset size. They manage $212 billion in assets with $174 billion in deposits as of the ...

Meta discontinues NFT services on Instagram and Facebook, and Binance NFT marketplace adds support for trading NFTs on the Polygon blockchain network. Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights. In this week’s newsletter, read about why Meta decided to “wind down” its nonfungible token (NFT) tools on Instagram and Facebook, and check out the metaverse greenhouse full of dynamic, “breedable” NFT flowers. Find out more about Binance NFT’s addition of Polygon network support to its marketplace and, last but not least, Nifty News highlights the new artificial intelligence (AI) tools that can bring security and transparency to the NFT market, and why German regulators are considering a case-by-case approach to NFTs. Meta pulling the plug on NFTs on Instagram and Facebook T...

The macro-financial landscape remains to be quite turbulent owing to the collapse of three well-reputed banks. As a result, investors and depositors have already started following the risk-aversion drill. In fact, even stalwarts of the cryptocurrency ecosystem have also been advocating the same. Tweeting on similar lines recently, Cardano founder, Charles Hoskinson said, “Crypto needs to de-risk itself from those unstable and volatile Banks .” Furthermore, a user went on to highlight the need of having a decentralized crypto bank at this stage. Reverting back, the Cardano founder claimed that it would be “game over” for banks when treasuries are digitized. The moment we can digitize treasuries, it's game over for Banks — Charles Hoskinson (@IOHK_Charles) March 15, 2023 Also Read: HSBC, Deutsche Bank, Santander ‘Willing’ To Cater To Crypto Clients In fact, Cathie Wood also tweeted about the instability in the banking system and how crypto networks remained unaffect...

Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin price trades at $26,045, rising 16.21% in the last 24 hours as the latest Consumer Price Index (CPI) data for February 2023 came in. The big crypto flashed above $26,400, levels last seen in June last year as its market cap crossed the half-a-trillion mark. Other top-cap cryptos were also flashing green with Ethereum, the second largest cryptocurrency by market capitalization, soaring 9.67% over the last day to brush shoulders with $1,750. Binance Coin was also up 5.56% to trade at $316 while the international remittances token XRP has rallied 5.05% over the same time frame to exchange hands at $0.38. Other top non-stablecoin cryptos such as Cardano, Polygon and Dogecoin posted 7.67%, 10.04% and 9.43% gains on the day respectively. The total crypto market cap is back above the $1 trillion mark after rising 11.94% to the current value of $1.14 trillion, according to data from CoinMarketCap.  To...

The banking crisis in the U.S. has led to aggressive buying in Bitcoin and select altcoins, which are nearing stiff overhead resistance levels. Three banks, Silvergate, Silicon Valley Bank and Signature collapsed within a span of a few days. That increased demand for United States government bonds, which sent the yield on the 2-year Treasury tumbling to 4.06%, a fall of 100 basis points since March 8. This was the largest 3-day decline since Oct. 22, 1987, following the stock market crash, when the yield fell 117 points. Although the Federal Reserve announced the formation of a $25 billion Bank Term Funding Program to support businesses and households, the regional banks are taking it on their chin on March 13. This shows that equities traders remain nervous. Daily cryptocurrency market performance. Source: Coin360 However, among all the mayhem, it is an encouraging sign to see Bitcoin (BTC) lead the cryptocurrency recovery from the front. Bitcoin climbed back above $24,000 on March ...

On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC, and noted that the stablecoin’s liquidity operations will resume normally on Monday morning in the United States. Circle said that the company’s teams would be ready on Monday to “handle significant volume” and that the firm will “stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary.” Circle Financial Confident in USDC Stability Despite SVB Failure Circle, the issuer of the second-largest stablecoin by market capitalization, usd coin (USDC), addressed the public on Saturday, noting that the firm will be ready on Monday to “handle significant volume.” The company discussed the failure of Silicon Valley Bank (SVB) and also emphasized the USDC’s “strong liquidity and reserve assets.” On Monday, the stablecoin issuer noted, “USDC will remain redeemable 1-for-1 with the U.S. dollar....

California regulators recently ordered the closure of the Silicon Valley Bank . It all started when a number of concerns about the bank’s struggle to acquire capital came to light. This inability slowly turned into an effect when the bank was considering its sale. The bank has now closed as a result of the series of events. Also read: Here’s How Circle USDC’s Relationship with Silicon Valley Bank Led to the Current Chaos An interesting thing to note is that the chief administrative officer of SVB, Joseph Gentile, was previously part of the now-collapsed Lehman Brothers as a chief financial officer. JUST IN: Silicon Valley Bank $SIVB Chief Administrative Officer served as Lehman Brother’s CFO prior to joining the bank. — Watcher.Guru (@WatcherGuru) March 11, 2023 Joseph Gentile joined Silicon Valley Bank in 2007 Joseph Gentile became a part of the Silicon Valley Bank in 2007. Before joining SVB, Gentile was a part of Lehman Broth...