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Happy Monday Folks! Yesterday Bitcoin blasted off as $USDC regained it's peg and it appears that the customers of SVB and Signature Bank deposits will be fully returned. Banks are busted and Bitcoin is booming but buckle up folks because volatility is here and which way this market goes is anyone's guess. Let's get to the news...
Trending News Topics:
- Binance Boosting Bitcoin (9)
- Feds shut down the 3 S Banks (9)
- $USDC repegs (6)
Fed starts ‘stealth QE’ — 5 things to know in Bitcoin this week (Cointelegraph):
- Fed bails out Silicon Valley Bank depositors
- Speculation gathers over Fed interest rate "pivot"
- BTC price jumps to $22.7K in blistering comeback
- USDC looks to regain $1 peg
- Sentiment rebounds as "short squeeze" risk rises
BREAKING
Binance to Acquire $1,000,000,000 in Bitcoin, Binance Coin and Ethereum in Massive Stablecoin Swap; Delivers Blow to Crypto Bears.(9)
BANKING COLLAPSE
Feds Shut Down Signature Bank, Say Signature and Silicon Valley Bank Depositors Will Be Made Whole; $25B in funding.(9) HSBC Acquires Silicon Valley Bank UK for a Pound.(5) Crypto Has Just Been Reminded About the Importance of Banks. ‘Nobody left to bank crypto companies’ — Crypto Twitter reacts. Silicon Valley Bank Crisis a 'Cyprus Moment' for Bitcoin: Crypto Observers. Bitcoin, U.S. Stock Futures Erase Early Gains as First Republic Bank Tanks 50% in Pre-Market Trading. Circle taps Cross River as banking partner, expands ties with BNY. Panic Mustn’t Be Allowed to Spread After SVB Collapse: EU Lawmaker. President Biden Calls for Stronger Bank Regulations in Wake of SVB, Signature Bank Collapses. Bank Collapses Underscore G-20 Hesitance on Crypto: Source. Silicon Valley Bank's Parent Looking at Strategic Alternatives. U.S. Fed’s Supervision Chief Investigating What Happened with Silicon Valley Bank. US banks experience volatility and trading halts amid bank failures and presidential assurances. FDIC Planning to Try Auctioning Silicon Valley Bank Again: WSJ.
OPINION: The Banking Crisis Is Not Crypto’s Fault but then... Barney Frank: Regulators shuttered Signature Bank to show 'crypto is toxic.' U.S. Doesn’t Want To Get Entangled With The Silicon Valley Bank Collapse: Binance Boss CZ. Silicon Valley Bank and Signature Bank Reignite ‘Moral Hazard’ Dilemma Bitcoin Was Designed to End. Circle, Coinbase highlight instability, crypto concentration in 'TradFi.' Is This a Crypto Banking Bailout? USDC's 'Black Swan' Depegging Could Have Been Avoided With Proper Regulatory Framework.
Exposure
Ripple CEO Brad Garlinghouse assures ‘strong financial position’ despite SVB collapse.(5) These 10 major companies disclosed exposure to collapsed Silicon Valley Bank. Coinbase, Celsius and Paxos disclose funds in Signature Bank.(2) Coinbase CEO ponders banking features after Silicon Valley Bank crisis. Gemini had no customer funds, GUSD at Signature Bank.(2) Marathon Digital says it has access to funds held at Signature Bank.(3) BlockFi Has Cash Access for Staff, Vendors Despite SVB Collapse: Attorney.(2) BlockTower Capital Funds Had Exposure to Silvergate, Signature Bank. SVB crisis: Here are the crypto firms denying exposure to troubled US banks. Argo Blockchain Reports Zero Exposure To SVB And Silvergate Bank.
Projects Halted
BCB Group pauses US dollar payments pilot after Signature Bank closure. OKX-Affiliated OKCoin Pauses USD On-Ramp Due to Signature Bank’s Collapse. OKCoin pauses dollar deposits, OTC services after 'managing' Silvergate situation.(3)
CRYPTO
Crypto Addiction Is a Problem, Not Everyone Can Agree How Big. Crypto Market Rallies on FDIC Banking Intervention, USDC Regains Dollar Peg. Crypto Short Sellers Get Liquidated En Masse in Surprise Market Turnaround.(2) Three Years Since The COVID Crash: Crypto is Still Alive But US Banks Are Shaking. US Could Fall Behind In The Race To Lead Crypto Revolution. Crypto investment products see largest outflows on record amid SVB collapse.(3)
BITCOIN & ETHEREUM
Whales and Sharks Accumulate $821,000,000 in Bitcoin in Just One Week; bears liquidated. Solo Bitcoin miner defies odds to mine valid BTC block, gets $150K block reward. What Determines the Price of Bitcoin? Bitcoin (BTC) Price Begins Road to Recovery After Avoiding Breakdown. Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps. Bitcoin Gains as FDIC Steps In for Silicon Valley Bank. Bitcoin (BTC) up 7%, But Data Shows We Are Not out of Woods Yet. Bitcoin hurtles back above $23,000 as crypto prices buoyed amid US banking woes. Bitcoin Bulls Gain Strength, But Is The Fed Really Forced To Pivot? Bitcoin Spikes Above $23.5K Following President Biden’s Speech.(3) Face-Ripping Bitcoin and Crypto Rally Incoming Amid US Banking Crisis, Says BitMEX Founder Arthur Hayes.(2) Bitcoin (BTC) Comes Close to Hitting $25,000.
Bitcoin Miner Stocks Surge Amidst Banking Meltdown. CME Group opens trading for event contracts on bitcoin futures.(2) Bitcoin futures premium falls to lowest level in a year, triggering traders' alerts.
Ethereum Price Signals Bullish Breakout, Why Dips Turned Attractive.
OPINION: ARK Invest’s Cathie Wood Says Bitcoin and Ethereum Have Not Skipped a Beat Amid US Banking Crisis.
STABLECOINS & CBDCs
$USDC bounces back toward $1 peg after Fed announcement and Circle $USDC operations will resume when U.S. banks open Monday: CEO Allaire.(8) Circle Mints $407,000,000 Worth of USDC as Stablecoin Recovers From Depegging Incident: Nansen. Smart Money Staying Put as USDC Remains Off-Peg. USDC Trading Dominates Record Day for DeFi Exchanges Uniswap, Curve. USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion. TrueUSD Says ‘Small Number’ of Users Impacted by Signature Bank Closure. Crypto’s Latest Stablecoin is Called HOPE, Started by Ex-Babel Finance CEO Flex Yang. 314M USDC sent to null address as redemptions begin.(2) Curve Finance, Uniswap Trade Volumes Soared Amid USDC Depeg. $70M in Fresh On-Chain USDC Positions at Risk of Liquidation if Stablecoin Depegs by 10%. MakerDAO Weighs Using Emergency Switch to Prevent Future DAI Depegging. Burning USDC and Minting DAI Prove to Be Popular On-Chain Activities Amid SVB Collapse. In the Wake of Bank Collapses, Are Stablecoins Really That Stable?
EU Merchants Could Be Required to Accept Digital Euro, Ministers Told.
ALTCOINS
Crypto community with over 90% historical accuracy sets XRP price for March 31, 2023: $0.41. Cardano (ADA) Price Rally Reaches Crucial Juncture, $0.35 Is The Key.(2) 33.5 Billion Dogecoin Stored by Robinhood as DOGE Is up 6.3%. Solana Whale Deposits $10.2M To Coinbase, Cashing In On 16% Rise?
EXCHANGES/BANKS
Brain Armstrong Might Add banking Features To Coinbase.(2) Coinbase Stock Rallies 9% Amid Crypto Market Revival. Coinbase Officially Suspends Binance USD Stablecoin Trading.(2) Binance to suspend GBP transactions as payments partner moves away.(4)
LEGISLATION/REGULATION/TAXATION
IMF Had Warned G-20 That Widespread Crypto Use Would Impact Banks. Australian Tax Authority (ATO) Sees Your Cryptocurrency Transactions. State caps or federal regulation: What's next for political crypto donations.
OPINION: It’s Not Just Fraud That Chilled Crypto Regulation
LEGAL CASES
Binance.US, Alameda, Voyager Digital and the SEC — the ongoing court saga. Three Arrows Capital Co-Founder Kyle Davies: No Pending Lawsuits or Regulatory Action.
ATTACKS/HACKS/SCAMS
Euler DeFi Protocol Exploited for Nearly $197M; vulnerability remained on chain for 8 months - working on recovery.(10) PeopleDAO hacked via Google Sheets, $120,000 worth of ether stolen.
WATCH
LISTEN
Podcast of the Day: Should You Self-Custody Your Crypto? | Jameson Lopp, Casa | TWOAS
Other Podcast
- What’s Happening With Crypto in Argentina? | Bloomberg Crypto
- We Pushed Semiconductors Offshore; Are We Doing the Same to Crypto? | The Breakdown
