Court cases involving the U.S. SEC and some major crypto industry enterprises - Voyager Digital, Alameda Research and Biance - have continued to progress throughout 2023.
Decentral Block Post
Access real-time blockchain and cryptocurrency news updates from around the globe.
‘Nobody left to bank crypto companies’ — Crypto Twitter reacts
Prominent members of the crypto community have expressed uncertainty after the loss of crypto friendly banks.
‘Nobody left to bank crypto companies’ — Crypto Twitter reacts
Prominent members of the crypto community have expressed uncertainty after the loss of crypto friendly banks.
Biden vows to hold those responsible for SVB, Signature collapse
US President Joe Biden on Twitter said he is "firmly committed" to holding those responsible for the Silicon Valley Bank and Signature Bank collapse "fully accountable."
Biden vows to hold those responsible for SVB, Signature collapse
US President Joe Biden on Twitter said he is "firmly committed" to holding those responsible for the Silicon Valley Bank and Signature Bank collapse "fully accountable."
U.S. authorities preparing 'material action' to curb SVB contagion
The White House assessed the impact of Silicon Valley Bank's failure over the weekend with a keen attention to venture capital firms and regional banks.
How blockchain technology revolutionizes digital ownership?
Blockchain technology transforms digital ownership with secure and transparent ownership tracking. Explore how it establishes proof of digital ownership.
FDIC bidding for Silicon Valley Bank is in progress: Report
The FDIC has reportedly started an auction process on late Saturday for Silicon Valley Bank. Bids are open for just a few hours.
Watch these 5 cryptocurrencies for a potential price rebound next week
Traders dumped risky assets following the crisis and failure of Silicon Valley Bank (SVB). The S&P 500 Index plunged 4.55% while Bitcoin (BTC) is down about 9% this week.
The collapse of SVB led to a crisis in the crypto space with USD Coin (USDC) losing its peg to the U.S. dollar on reports that $3.3 billion of Circle’s $40 billion of USDC reserves were held at SVB. After trading near $0.87 on March 11, USDC has climbed up above $0.96 at the time of publication.
SVB’s failure has increased uncertainty in the short term with investors closely watching for any signs of the contagion spreading to other regional banks across the U.S.
Crypto market data daily view. Source: Coin360During times of uncertainty, it is best to stay on the sidelines. However, if there is no domino effect following SVB’s debacle, select cryptocurrencies may start their recovery. The cryptocurrencies selected in the article are all trading above the 200-day simple moving average, a key level watched by long-term investors to determine whether the asset is in a bull or bear phase.
Let’s study the charts of Bitcoin and the four altcoins that may outperform if the sector witnesses a recovery over the next few days.
Watch these 5 cryptocurrencies for a potential price rebound next week
Bitcoin is trying to sustain above $20,000 and if it succeeds, ETH, MATIC, TON, and OKB may witness a strong recovery.
UK regulators moving “at pace” to deliver a plan for tech firms hurt by SVB collapse
An emergency plan to rescue startups and tech companies affected by the Silicon Valley Bank collapse is underway in the United Kingdom.
U.S. Treasury Janet Yellen working on SVB collapse, not at bailout: Report
Janet Yellen said in an interview on March 12 that U.S. regulators are working to address Silicon Valley Bank collapse, but not considering a major bailout.
How and why do stablecoins depeg?
Discover the causes and mechanisms behind stablecoin depegging.
Bill Ackman warns US gov't: Fix mistake in ‘48 hours’ or face ‘destruction’
Billionaire Bill Ackman said that SVB’s senior management made a “basic mistake” but should be fired.
Do Kwon had the right idea, banks are risk to fiat-backed stablecoins: CZ
The death spiral of the Terra (LUNA) and TerraUSD (UST) ecosystem served as a catalyst to the 2022 bear market — causing losses in the millions, damaging investor sentiment and intensifying the regulatory spotlight over cryptocurrencies. However, the recent depegging of Circle’s USD Coin (USDC) led Binance CEO Changpeng ‘CZ’ Zhao to believe that traditional banks are a risk to stablecoins that are usually pegged 1:1 with fiat currencies, like the US dollar.
On March 11, Circle disclosed that Silicon Valley Bank (SVB) did not process its $3.3 billion withdrawal request. The crypto market responded to the revelation by selling off their USDC holdings, causing the US dollar-backed stablecoin to lose its peg. Given SVB’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins.
Supporting CZ’s sentiment, a community member pitched the idea of a crypto-backed stablecoin. CZ responded by highlighting the defunct algorithmic stablecoin launched by Do Kwon, saying:
“Do Kwon actually had the right idea, but just failed miserably on execution.”
Moreover, according to CZ, fiat currencies — in themselves — are a risk without getting crypto into the equation.
Silicon Valley Bank's UK branch shut down by Bank of England
Several U.K. venture capital firms have shown support for SVB UK stating it is a “trusted” partner and plays a "pivotal" role in supporting startups.
Insolvency fears led many to turn to other stablecoins, sell USDC at a major discount
Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC's collateral was held at Silicon Valley Bank.
However, not all of them had success during panic selling. One user paid over 2,000,000 USDC to receive $0.05 of Tether (USDT) by dumping a large amount of 3CRV (DAI/USDC/USDT) into USDT.
KyberSwap aggregation router was used in the transaction. Kyberswap is a decentralized exchange (DEX) that aggregates liquidity from several DEXs. In a postmortem, the protocol team explained that "since the market was undergoing a volatile period, all routes failed at estimating gas. The rate strongly fluctuated & only 0x’s route was successful but with a very poor rate."
After confirming the swap at 0x's rate in a pop-up, a bot detected the opportunity and gained 2,085,256 USDC from that Univ2 pool. The protocol is in talks with the bot creator, the bot user and third parties to assist with funds recovery.
Also moving funds to other stablecoins, Tron founder Justin Sun reportedly withdrew 82 million USDC using the decentralized finance protocol Aave v2 and swapped it for Dai (DAI), worth nearly $75 million.
Insolvency fears led many to turn to other stablecoins, sell USDC at a major discount
Several USD Coin holders have fled to other stablecoins amid fears surrounding its solvency.
Silicon Valley Bank down, USDC depegged, FTX billed $34M in Jan.: Hodler’s Digest, March 5-11
Top Stories This Week
Silicon Valley Bank shut down by California regulator, holding over $5 billion for prominent crypto VCs
Silicon Valley Bank (SVB) was shut down by California’s financial watchdog on March 10 after announcing a significant sale of assets and stocks aimed at raising additional capital. The California watchdog appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver to protect insured deposits. However, the FDIC only insures up to $250,000 per depositor, per institution and per ownership category. The bank held over $5 billion in funds from major venture capital firms. Silicon Valley Bank is one of the top 20 largest banks in the United States, providing banking services to crypto-friendly venture companies, such as Sequoia Capital and Andreessen Horowitz.
USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank
USD Coin (USDC) issuer Circle confirmed that $3.3 billion of its $40 billion USDC reserves remain at Silicon Valley Bank, triggering a sell-off that resulted in the stablecoin falling below $1. The stablecoin ecosystem felt an immediate impact as USDC depegged from the U.S. dollar, with major stablecoin depegging from the U.S. dollar as a consequence, including DAI, USDD and FRAX. The USDC price was slowly re-pegging on late Saturday after turbulent trading hours. Circle plans to cover missing liquidity in SVB with corporate funds.
Silicon Valley Bank down, USDC depegged, FTX billed $34M in Jan.: Hodler’s Digest, March 5-11
Top Stories This Week
Silicon Valley Bank shut down by California regulator, holding over $5 billion for prominent crypto VCs
Silicon Valley Bank (SVB) was shut down by California’s financial watchdog on March 10 after announcing a significant sale of assets and stocks aimed at raising additional capital. The California watchdog appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver to protect insured deposits. However, the FDIC only insures up to $250,000 per depositor, per institution and per ownership category. The bank held over $5 billion in funds from major venture capital firms. Silicon Valley Bank is one of the top 20 largest banks in the United States, providing banking services to crypto-friendly venture companies, such as Sequoia Capital and Andreessen Horowitz.
USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank
USD Coin (USDC) issuer Circle confirmed that $3.3 billion of its $40 billion USDC reserves remain at Silicon Valley Bank, triggering a sell-off that resulted in the stablecoin falling below $1. The stablecoin ecosystem felt an immediate impact as USDC depegged from the U.S. dollar, with major stablecoin depegging from the U.S. dollar as a consequence, including DAI, USDD and FRAX. The USDC price was slowly re-pegging on late Saturday after turbulent trading hours. Circle plans to cover missing liquidity in SVB with corporate funds.