After the failure of three major U.S. banks last week, with two of them being the second and third largest banking failures in the country, Moody’s Investors Service has downgraded the rating of the U.S. banking system from “stable” to “negative.” As one of the “Big Three” credit rating firms, Moody’s cited a “rapid deterioration
NatWest, a retail and commercial bank in the United Kingdom, is taking measures to protect customers from potential crypto losses amid Bitcoin (BTC) hitting multi-month highs. On March 14, NatWest introduced major restrictions on payments to cryptocurrency exchanges, imposing daily and monthly caps for such transactions. According to an announcement shared with Cointelegraph, NatWest has
Web3 wallet app Metamask has introduced a number of new features aimed at enhancing privacy and giving users more control, according to a March 14 blog post by the developer. The new features come after Metamask had previously been criticized for allegedly intruding on users’ privacy. MetaMask Mobile v6 is now available to everyone! Our
The United States Justice Department is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin, which contributed to a $40 billion wipeout in the Terra ecosystem last May. Two agencies within the department — the Federal Bureau of Investigation and the U.S. Attorney’s Office for the Southern District of New York — have interrogated former
The price of Bitcoin (BTC) increased by 28% between March 12 and 14, reaching $26,500, its highest level since June 2022. Some may attribute the gains to the Consumer Price Index’s (CPI) 6% year-over-year increase in February, even though the figure was in line with expectations. The inflation metric reached its lowest level since September
This week on The Market Report, the resident experts at Cointelegraph discuss all the details regarding the latest bank collapse and the USD Coin (USDC) depeg. We kick things off with this week’s top stories Silicon Valley Bank collapse: Everything that’s happened until now The sudden collapse of Silicon Valley Bank (SVB) has quickly unfolded
Wash trading on nonfungible token (NFT) marketplaces is back in the spotlight after critics claimed the fast-growing NFT marketplace Blur has incentivized the practice with its trading rewards scheme. 10% of Blur’s total token supply was distributed to users based on their trading activity in its second token reward scheme from Feb. 14. The platform
The Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) are reportedly investigating the collapse of the algorithmic stablecoin terra usd (UST) and the firm Terraform Labs. Unnamed sources say that former staff members from Terraform Labs, the company behind the Terra blockchain project, have been questioned by U.S. law enforcement. Unusual Relationship:
The price of Bitcoin (BTC) saw a sharp uptick over $26,000 as the United States Department of Labor released the latest Consumer Price Index (CPI) data for February 2023. CPI rose 0.4% last month on a seasonally adjusted basis, with the department noting that the all-items index denoting inflation increased by 6% over the last year.
The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, United States President Joe Biden assured taxpayers that they would not feel the burn as the federal government takes action to
The depegging of USD Coin (USDC) and Dai (DAI) from the United States dollar prompted a frenzy of loan repayments over the weekend, allowing debtors to save a total of more than $100 million on their loans. Following the collapse of Silicon Valley Bank on March 10, the USDC price dropped to lows of $0.87 on March
The British government and the central bank, the Bank of England, have facilitated a private sale of Silicon Valley Bank UK to HSBC, according to Chancellor of the Exchequer Jeremy Hunt. He stressed that “Deposits will be protected, with no taxpayer support.” British Government Announces Acquisition of Silicon Valley Bank UK by HSBC HSBC has
Bitcoin (BTC) begins a new week with a bullish surge above $22,000 as the United States Federal Reserve injects liquidity into the U.S. economy. In a move which can rival any classic Bitcoin comeback, BTC/USD is up a full 15% off the two-month lows seen on March 10. The volatility — and temporary relief for
In the wake of the Silicon Valley Bank collapse, Ripple CEO Brad Garlinghouse has assured investors that the company is in a strong financial position. There have been several cases of shuttered banks this month, which has affected many crypto firms. Some top banks, including Silvergate, Silicon Valley, and Signature bank, have shut down operations
Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company. 1/ It’s very sad to hear the news about Signature Bank. They have been incredible partners to Gemini and
Contagion from the March 13 flash loan attack against Euler has spread far and wide, resulting in frozen or lost funds for 11 different decentralized finance (DeFi) protocols, according to reports from each of them on Twitter. Balancer, an Ethereum protocol with over $1 billion total value locked (TVL), is among the affected protocols. Below is
