Tag Archives: Banks

The President of the United States – Joe Biden – thinks the turbulence that recently shook the banking sector is not entirely gone. As such, his cabinet is ready to impose further legislative changes to cope with any potential issues in the future. Two of America’s leading banks – Silicon Valley Bank (SVB) and Signature Bank – experienced severe operational issues and were shut down by regulators earlier this month. Major institutions outside the States, including Credit...

The financial watchdogs of Hong Kong will reportedly host a meeting between domestic cryptocurrency businesses and bankers. The initiative could ease financing for the industry as the region seeks to emerge as a global digital asset hub. Crypto firms based in Hong Kong have supposedly received support from leading Chinese banks in the past several weeks, although the authorities of the most populated country are predominantly against the asset class. Another Step Towards the...

The subsidiaries of some of the largest Chinese banking institutions, including the Bank of Communications, the Bank of China, and Shanghai Pudong Development Bank, have reportedly either started offering their services to cryptocurrency businesses based in Hong Kong or reached out to them. The special administrative region has recently emerged as a digital asset hub, attracting numerous industry players to settle in the area. One example is the crypto exchange Huobi Global...

Shares in Deutsche Bank – Germany’s largest lender – began to crash on Friday as financial industry fears continue to spread following a string of global bank failures this month.  Meanwhile, the cost of default insurance on the bank’s potential collapse has risen to four-year highs. Is Deutsche Bank Next? Deutsche Bank (DBK) shares fell from 9.06 EUR to 8.25 EUR on Friday – an 11% decline on the day, and 26% descent from a month prior. The bank’s slide was coupled by...

The cryptocurrency space rejoiced recently when several large US banks halted services, and the FDIC, as well as other regulators, had to intervene to stop the contagion. However, the crisis expanded to Europe this week, with two of the most prominent names facing significant problems. Credit Suisse was acquired by the largest Swiss bank – UBS, for almost $3.3 billion, which was more than 60% less than what the former was worth days ago. This propelled another leg up in terms...

Treasury Secretary Janet Yellen suggested that her department might be willing to further backstop bank deposits if needed, only one day after seemingly ruling out the possibility. Her comments were followed by brief fluctuations in bank stocks, which then continued their downward daily trend. Are Deposits Backstopped or Not? In her prepared testimony before the House Appropriations Subcommittee on Wednesday, Yellen reiterated comments from the day prior explaining that the...

The banking sector could potentially undergo a much-needed revamp, but until then, investors appear to be scrambling for a safety net. As the traditional financial world is rocked by the Credit Suisse chaos and the failure of a series of US banks, investors have flocked to the largest stablecoin, Tether (USDT). The turmoil has once again helped the controversial asset extend its lead. Tether Market Cap Silicon Valley Bank (SVB), Signature Bank, and Silvergate Capital, once...

With the largest crypto-supportive banks in the U.S. crumbling at the seams, industry firms appear to be retreating to Switzerland for a financial lifeline.  Crypto-focused banks in the region are reporting higher traffic after Silvergate, Signature Bank, and Silicon Valley Bank (SVB) all effectively failed over the past two weeks.  Where to Crypto Firms Go? SEBA Bank managing director Yves Longchamp told Reuters via email that the bank has experienced a “pronounced uptick”...

Balaji Srinivasan, a venture capitalist and former CTO of Coinbase, claimed that the US economy would enter a phase of hyperinflation in 90 days, catapulting BTC to $ 1 million.  Balaji, whose crypto venture Earn.com was acquired by Coinbase in 2019, also offered to pay $1 million in BTC to the best 1,000 tweets that alert about stealth financial crisis.   Balaji Bets BTC to be at $1 Million  Yes. Just moving money for the bet. We can do it via smart contract, but for...

Silicon Valley Bank (SVB) was the backbone of many startups and venture capital funds around the world. Its collapse signifies the biggest banking failure since the 2008 financial crisis. While the crypto market has largely been spared from an adverse effect, the same cannot be said for the non-fungible token (NFT) space. According to the latest edition of the DappRadar report, the NFT traders went “numb” in response to the banking turmoil in the United States. NFT Space...