The Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, uncertainty and doubt (FUD) across the crypto community, leading many to return to crypto roots — reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008. It’s truly amazing how many people are scared that a couple banks
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Almost immediately after USD Coin (USDC) issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves from Silicon Valley Bank (SVB), the resultant sell-off caused the price of the stablecoin to fall below its $1 peg. On March 9, Circle initiated a wire transfer to remove its funds from SVB as
On March 11, 2023, the decentralized finance project Makerdao issued an emergency proposal following the USDC depegging incident that saw the stablecoin dip down to $0.877 per unit. At the time of writing, Makerdao commands $3.1 billion in USDC collateral that backs a portion of the project’s stablecoin, DAI. Makerdao Proposes Changes to Limit Exposure
Layer-2 networks continue to gain momentum as the Ethereum ecosystem advances. For example, data from analytics provider Token Terminal found that layer-2 scaling solution Polygon had 313,457 daily active users as of Jan. 17, 2023 — a 30% increase in activity since October 2022. Moreover, the Polygon ecosystem recently announced the launch of its beta
The stablecoin ecosystem felt an immediate effect as USD Coin (USDC) depegged from the U.S. dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $3.3 billion of Circle’s $40 million transfer request. Given USDC’s collateral influence, major stablecoin ecosystems followed suit in depegging from the U.S. dollar. Dai (DAI), a
Bitcoin (BTC) refused to let $20,000 support die for good on March 11 as the weekend opened to a battle for lost ground. Bitcoin shakes off USDC depeg Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $20,200 at the time of writing. A brief dip below the $20,000 mark overnight was short lived, and
United States Senators Elizabeth Warren and Ron Wyden asked the Public Company Accounting Oversight Board (PCAOB) to hold auditors accountable for failed crypto projects. The PCAOB — a nonprofit overseeing the audits of public companies and other issuers — recently stated that proof-of-reserves (POR) are not equivalent to audits conducted under PCAOB auditing standards. POR
The Ministry of Science and ICT of South Korea has approved investments of $51 million in various metaverse projects, doubling down on its metaverse bet for the future. The investment includes a fund for supporting the growth of metaverse companies and another special investment to build several services including region-specific projects. South Korea Continues Investing
Some Aave users who accidentally sent tokens to the wrong address may soon be able to recover them, according to the text of a proposal passed by the Aave decentralized autonomous organization (DAO) on March 10. The proposal, called “Rescue Mission Phase 1 Long Executor,” authorizes Aave developers to upgrade smart contracts that have been mistakenly
Soon after Circle revealed that Silicon Valley Bank did not transfer $3.3 billion of its USD Coin (USDC) reserves, the market responded with a massive sell-off — depegging the stablecoin from the U.S. dollar. However, not all investors were lucky enough to walk away with their funds amid the uncertainty. To cut losses, investors started
Big round numbers always pique the interest of investors and the $1 trillion total crypto market capitalization is no exception. It’s a level that held for 48 days before collapsing on March 9. After a 16-hour negative 8.6% price movement, the indicator fell to $914 billion, its lowest level since Jan.13. Concerns about the stability
On March 10, the United States Securities and Exchange Commission ruled against a change that would allow investment manager VanEck to create a spot Bitcoin (BTC) trust. Commissioner Mark Uyeda joined his colleague Hester Peirce in releasing a statement criticizing the commission’s decision not to approve the listing and trading of the financial product. The commissioners
The chairman of the Commodity Futures Trading Commission (CFTC) has insisted that ether is a commodity, not a security as claimed by the chairman of the Securities and Exchange Commission (SEC). The CFTC chief stressed that the derivatives watchdog would not have allowed ether futures products to be listed on CFTC-regulated exchanges “if we did
Ethereum’s upcoming Shanghai upgrade will allow users to withdraw staked Ether (ETH), increasing the network’s liquidity and competitiveness while also boosting its staking ratio closer to its competitors. The Shanghai upgrade is a hard fork of Ethereum tentatively scheduled to occur in March. It implements five Ethereum Improvement Proposals, the headliner being EIP-4895, which allows
Bitcoin (BTC) struggled to reclaim $20,000 support at the March 10 Wall Street open as fears mounted over Silicon Valley Bank (SVB) contagion. Trader targets $18,000 BTC price Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it nursed fresh losses, reaching $19,569 on Bitstamp. The pair had seen further downside prior to the open
Bitcoin (BTC) led a sharp sell-off in the cryptocurrency markets on March 9 as the woes at Silvergate Bank and Silicon Valley Bank dented investor sentiment. In addition, crypto-specific news of a suit filed by New York Attorney General Letitia James against cryptocurrency exchange KuCoin for selling securities and commodities without registration increased uncertainty about
Kristi Noem, the governor of South Dakota, has used her authority to veto legislation aimed at changing the definition of money to exclude cryptocurrencies. In a March 9 notice to South Dakota house speaker Hugh Bartels, Noem said she had vetoed House Bill 1193, which proposed amending the state’s Uniform Commercial Code, or UCC, to
After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for
Staked Ether (ETH), liquid derivatives — it’s a whirlygig of smart contracts and big-brain blockchain jargon out there. Nonetheless, there are a few paths through the ETH staking wilderness. But remember, anon, as the poet Antonio Machado said, “There is no path, paths are made by walking” — which is a fancy way of saying
Hedera, the team behind distributed ledger Hedera Hashgraph, has confirmed a smart contract exploit on the Hedera Mainnet that has led to the theft of several liquidity pool tokens. Hedera said the attacker targeted liquidity pool tokens on decentralized exchanges (DEXs) that derived its code from Uniswap v2 on Ethereum, which was ported over for