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Silicon Valley Bank Failure Highlights Dangers of Fractional-Reserve Banking

12.3.2023
After the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look...

Report: Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow

12.3.2023
The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators...

Nigerian Central Bank Unveils Open Banking Guidelines

12.3.2023
The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines’ objectives include ensuring “consistency and security...

Circle Issues Update Amid Stablecoin Volatility; Firm Is Prepared to ‘Stand Behind USDC and Cover Any Shortfall’

12.3.2023
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...

Bank of England Shuts Down Silicon Valley Bank’s UK Branch After US Regulators Close Parent Company

11.3.2023
After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures. Fallout From SVB Failure Prompts BOE to Close U.K. Branch...

‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion

11.3.2023
Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture...

USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity

11.3.2023
On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped...

Bitcoin, Ethereum Technical Analysis: BTC Above $20,000, ETH Beyond $1,400 on Saturday

11.3.2023
Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to...

Coinbase Pauses Conversions Between USDC and U.S. Dollars as Banking Crisis Roils Crypto

11.3.2023
Circle's USDC stablecoin was hit by the shutdown of Silicon Valley Bank, one of its key banking partners

Signature Bank Considered a Buy as Last Major Bank Standing in Crypto Market Amid Silvergate and SVB Troubles

10.3.2023
Amid the demise of Silvergate Bank and the troubles faced by Silicon Valley Bank (SVB), market analysts believe Signature Bank (SBNY) may be a buy as it’s considered the “last game in crypto-town,” according to Wells Fargo equity analyst Jared Shaw. Silvergate’s liquidation...

What does the Silvergate collapse mean for crypto?

10.3.2023
The recent collapse of crypto-friendly bank Silvergate will likely increase regulatory scrutiny on the ties between the crypto industry and the banking sector in the U.S

US senators write to banking regulators about potential crypto discrimination

10.3.2023
The four Republican senators sense hints of the Obama administration’s Operation Choke Point that used regulation against disfavored industries

US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual

10.3.2023
After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over...

Silicon Valley Bank Faces Financial Woes as Stock Is Halted, Sells $21 Billion Bond Portfolio at a $1.8 Billion Loss

10.3.2023
On March 10, 2023, market observers are discussing the troubles Silicon Valley Bank (SVB) faces, as the firm’s stock slid more than 60% in the last 24 hours. SVB was forced to sell a $21 billion bond portfolio at a $1.8 billion loss. CEO Greg Becker insists that the financial institution...