Tag Archives: Banks

Yet another crypto-friendly bank has been forced to shut its doors: Signature Bank – the bank numerous crypto firms retreated to after Silvergate revealed operational difficulties earlier this month.  As with Silicon Valley Bank (SVB), the U.S. government has agreed to fully bail out the firm’s depositors as part of a “systemic risk exception.” In a joint statement from the Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation, the parties clarified...

The U.S. government’s biggest financial regulators released a joint statement on Sunday promising to save every last depositor at Silicon Valley Bank (SVB) – even those not fully covered by standard federal deposit insurance.  In response to the news, both Bitcoin and USDC are quickly returning to their price levels from before the bank’s collapse.  The Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation jointly announced that every depositor would...

The host of CNBC’s Mad Money has been often grilled on social media for advising people to invest in assets that turn unprofitable or vice-versa. His latest example is the notorious Silicon Valley Bank, which became a victim of a bank run, and ultimately collapsed on Friday. Cramer Said Buy SVB Stock “This company is a merchant bank with a deposit base that Wall Street has mistakenly been concerned by,” explained Cramer in his show from February 8. He added that the bank was...

The cryptocurrency industry experienced its own set of failures last year when numerous internal companies and projects imploded, resulting in declining prices, countless bankruptcy filings, and, somewhat expectedly, lots of investor losses. This year started on a positive note, but crypto has once again taken a serious hit – this time, the most apparent reason coming from outside players. All of this has harmed the performance of bitcoin and most altcoins, resulting in yet...

Following the second-largest bank collapse in American history on Friday, market participants are worried about which firms might be caught up in the contagion surrounding Silicon Valley Bank (SVB).  Here’s what venture capitalists and major crypto executives had to say about the failure – and why the crypto community is keeping an eye on Circle in the aftermath.  USDC, the second largest stablecoin and the one issued by Circle, has lost its peg across numerous exchanges. At...

The embattled Silicon Valley Bank (SVB) has officially been closed down by the California Department of Financial Protection and Innovation, making for the second-largest bank failure in U.S. history.  The Federal Deposit Insurance Corporation (FDIC) has been appointed as its receiver and will ensure all insured depositors gain full access to their funds by Monday, March 13.  Per a press release from the FDIC on Friday, the FDIC has simultaneously created the Deposit...

Silicon Valley Bank (SIVB) is reportedly seeking external acquisition after its efforts to raise over $2 billion in capital have failed. Shares in the bank were down 62% in pre-market trading on Friday, for which trading has now been halted. According to CNBC’s David Faber, Silicon Valley Bank has “hired advisors to seek a sale,” a result which is “not unexpected.” The bank’s stock plummeted 60% on Thursday after it announced a planned total raise worth $2.25 to “strengthen...

HSBC, Nationwide Building Society, and other banking heavyweights in the UK are reportedly implementing a new set of restricting rules aimed at purchasing cryptocurrency. The move comes amid a chaotic year for the crypto industry, which witnessed the failure of several industry giants. Same Old Song According to a Bloomberg coverage, the biggest banking institution in the United Kingdom – HSBC – banned clients from buying cryptocurrencies via their credit cards, citing...

A recent report by the Bank of International Settlements (BIS) revealed that the crypto industry lost over $650 billion after two major scandals that rocked the market last year. The report titled “Crypto Shocks and Retail Losses” explained investors’ trading behavior during and after the scandals, their profits and losses, and the effects of the crypto market turmoil in the broader financial system. Retail Investors Bought the Dip Last year, the crypto space saw a lot of...

DZ Bank – the second-largest German bank by assets – is all set to offer digital asset custody services. The BaFin-regulated financial institution and custody provider has joined forces with Swiss firm Metaco and orchestration platform Harmonize for its upcoming digital currencies to its institutional clients offering. According to the official press release, Harmonize is designed to offer a versatile governance framework and has customizable risk and compliance controls...