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First Citizens Bank will acquire all deposits and loans of Silicon Valley Bank after its collapse following rumors of a liquidity crisis. The FDIC has approved the purchase and assumption agreement, and Silicon Valley Bank depositors will become depositors of First Citizens Bank. The North Carolina-based bank is now the 30th largest commercial bank in the US. (Read More)
The Federal Reserve Chairman has admitted to being blindsided by the sudden collapse of Silicon Valley Bank (SVB) despite being under their supervision. The collapse of SVB has prompted an internal investigation led by the Vice Chairman to look into the failure of the bank and the Fed’s regulation of it. The bank’s collapse has been linked to the Federal Reserve’s successive interest rate hikes and erosion of its long-term bonds. This has led to depositors requesting withdrawals en masse, causing a bank run, and the Federal Deposit Insurance Commission taking possession of SVB. (Read More)
As some of the cryptocurrency industry’s go-to banks failed, Bitcoin’s importance was on display while its on and off ramps suffered. This is an opinion editorial by Karen Shidlo, a blockchain-focused content creator. The recent news of Silvergate Capital, Silicon Valley Bank (SVB) and Signature Bank shutting down has sent ripples throughout the financial community. [...]
The post How Will Bitcoin Adapt To Banking Uncertainty? appeared first on Crypto Breaking News.
U.S. Treasury Secretary Janet Yellen says the federal government could guarantee all deposits of smaller banks if they “suffer deposit runs that pose the risk of contagion.” The government recently protected all deposits of Silicon Valley Bank and Signature Bank after they failed. U.S. Government Ready to Guarantee More Deposits if Needed U.S. Treasury Secretary [...]
The post Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion appeared first on Crypto Breaking News.
The decisions made by the Federal Reserve and the Federal Deposit Insurance Corporation regarding the future of Silicon Valley Bank (SVB) may have significant consequences for regional banks across the United States. Former Bridgewater executive Bob Elliot has warned that a potential failure of the tech bank could trigger a bank run on thousands of small banks, putting trillions of dollars at risk.
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After the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look at what fractional-reserve banking is and why [...]
The post Silicon Valley Bank Failure Highlights Dangers of Fractional-Reserve Banking appeared first on Crypto Breaking News.
The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on [...]
The post Report: Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow appeared first on Crypto Breaking News.
Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture capitalists caused a bank run, while others [...]
The post ‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion appeared first on Crypto Breaking News.
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 [...]
The post US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual appeared first on Crypto Breaking News.
Silvergate clients flee as stock price plummets and regulatory questions mount across the industry. Options for crypto banking partners are dwindling.
Net outflows at the cryptocurrency exchange hit $788 million over the last 24 hours, however, Binance told Cointelegraph that “Funds are SAFU.”
The Global Financial Crisis was a widespread economic downturn that began in 2008 and resulted from the collapse of the housing market and investment banks.
CoinList blamed “custodian issues” with one suffering an outage affecting “many tokens” on the platform as the reason for reported withdrawal problems.
Did this Coin Metrics analyst uncover the key to the whole Alameda/ FTX story? Because let’s face it, it doesn’t make sense. Both of Sam Bankman-Fried’s businesses were extremely profitable. FTX was the world’s third-biggest exchange and growing, why would anyone risk killing that golden goose? There must have been an underlying cause. Did this Coin Metrics analyst uncover it in the on-chain data? He might have. Related Reading: Solana Plunges 12% – Is FTX Selling Its SOL To Defend FTT? The Head of R&D at Coin Metrics, Lucas Nuzzi, ends his thread with a warning: “Important to note that this is my own personal highly-speculative take on what happened based on these on-chain artifacts.” The case the Coin Metrics analyst is making rests on solid on-chain data, but the interpretation of what said data means is “highly-speculative.” So, take it with a grain of salt and don’t go around saying this is exactly what happened, because it might not be. That being said, yikes! The Coin Metrics Analyst Makes The Case Lucas Nuzzi starts with a statement of fact, “I found evidence that FTX might have provided a massive bailout for Alameda in Q2 which now came back to haunt them.” And then, he poses a mystery. “40 days ago, 173 million FTT tokens worth over 4B USD became active on-chain.” Where did those tokens go? You guessed it, Alameda Research. The day was September 28th. A record-breaking $8.6B in FTT moved that day. 2/ That day, September 28, over 8.6 Billion USD worth of FTT was moved on-chain. That was by far the largest daily move of FTT in the token's existence and one of the largest ERC20 daily moves we ever recorded at Coin Metrics. pic.twitter.com/GnUO1ZcCB7 — Lucas Nuzzi (@LucasNuzzi) November 8, 2022 “That was by far the largest daily move of FTT in the token’s existence and one of the largest ERC20 daily moves we ever recorded at Coin Metrics,” Nuzzi tweeted. What was happening around Alameda and FTX near that time? Nothing special, really. On August 24th, Sam Trabucco stepped down from the Co-CEO position at Alameda Research. “I will stay on as an advisor, but otherwise will not continue to have a strong day-to-day presence at the company,” Trabucco tweeted. On September 27th, Brett Harrison stepped down from the CEO position at FTX. “Over the next few months I’ll be transferring my responsibilities and moving into an advisory role at the company,” Harrison tweeted. This one is the kicker. On September 28th, Sam Bankman-Fried tweeted, “Heads up: rotating a few FTX wallets today (mostly non-circulating); we do this periodically. Might be a few more coming, won’t have any effect.” If all of this is true, that last SBF tweet will probably make an appearance in court. FTT price chart for 11/09/2022 on FTX | Source: FTT/USD on TradingView.com So, What Did Alameda Do With The Money? Believe it or not, the FTT tokens came directly from the original ICO smart contract. The Coin Metrics analyst “found a peculiar transaction that interacted with a contract from the FTT ICO. This 2019 contract *automatically* released 173 Million FTT from the token’s ICO.” Strange, but both organizations are joined at the hip. Then, things took a bizarre turn. “Alameda then sent that *entire* balance to the address of the deployer (creator) of the FTT ERC20, which is controlled by someone at FTX.” 4/ The recipient of the $4.19 B USD worth of FTT tokens was no one but Alameda Research! So what? Alameda and FTX were intrinsically connected from day 1 and Alameda obviously participated in the FTX ICO. But what happened next was interesting… — Lucas Nuzzi (@LucasNuzzi) November 8, 2022 WHAT? The Coin Metrics Analyst’s Theory According to Lucas Nuzzi, Alameda Research wasn’t immune to the crypto contagion that plagued the space in Q2. In fact, the company might’ve blown up with 3AC, Voyager, and Celsius. “It ONLY survived because it was able to secure funding from FTX using as “collateral” the 172M FTT that was guaranteed to vest 4 months later.” That’s an extremely risky move. It almost seems like FTX didn’t have a choice. 8/ The Alameda bailout likely put a dent on FTXs balance sheet to the point where it was no longer solvent. This would have been fine if the price of FTT didn't collapse and a bank run ensued This is why Alameda tried their best to protect FTT's price.https://t.co/nX1tphjLNR — Lucas Nuzzi (@LucasNuzzi) November 8, 2022 They didn’t, because “the FTT ICO contract vests automatically. Had FTX let Alameda implode in May, their collapse would have ensured the subsequent liquidation of all FTT tokens vested in September.” If the scenario the Coin Metrics analyst poses is real, SBF and company had to do it. And they paid a heavy price for it. “The Alameda bailout likely put a dent on FTXs balance sheet to the point where it was no longer solvent. This would have been fine if the price of FTT didn’t collapse and a bank run ensued.” Related Reading: The Binance Vs. FTX War: Here Are The Most Recent Stats & On-Chain Data This Is Where CZ And Binance Come In In this scenario, CZ And Binance somehow found out about the deal. And the biggest cryptocurrency exchange by trading volume had a heavy FTT bag. “As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT),” CZ tweeted when he announced they were liquidating. What does this heavy FTT bag mean? The Coin Metrics analyst explains, “As large holders of FTT, they could start deliberately tanking that market to force FTX to face a liquidity crunch.” And they did. And then they offered to buy FTX and relieve them of their problems. Presumably for pennies on the dollar. A master stroke, if true. But remember the Coin Metrics’ analyst warning, “Important to note that this is my own personal highly-speculative take on what happened based on these on-chain artifacts.” Featured Image by Gerd Altmann from Pixabay | Charts by TradingView
FTXs FTT exchange token has fallen to its lowest level since early 2021. FTT Token Breaks Support FTX is experiencing a bank run, and its FTT exchange token is suffering....
Interest in the U.S. banking crisis has risen greatly over the past two weeks, as shown by Google Trends data. There has been a sharp increase in queries related to search terms such as “banking crisis,” “bank collapse,” and “bank failure.” On March 13, 2023, the search term “banking crisis” reached the top Google Trends [...]
The post Google Trends Data Reveals Searches for ‘Banking Crisis,’ ‘Bank Runs,’ Skyrocket appeared first on Crypto Breaking News.
Amidst the chaos in the U.S. banking sector, Elon Musk, the CEO of Tesla and owner of Twitter, has been critical of the country’s central bank. Musk insists that the U.S. Federal Reserve is operating with “way too much latency in their data,” and he insists that the central bank needs to drop the federal [...]
The post Elon Musk Criticizes Federal Reserve’s Data Latency and Calls for Immediate Rate Drop Amidst Banking Chaos appeared first on Crypto Breaking News.
Amid the banking chaos of the 21st century, some are looking back more than 600 years ago, to the Medici Bank — one of the most powerful banks of its time. It established its business and became one of the most respected banks in Europe during its prime, and the prominent Italian family of bankers [...]
The post The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy appeared first on Crypto Breaking News.
As the U.S. witnessed one of the largest banking collapses in its history, Bitcoin is being innovated upon and seeing its network grow.
We may be heading into another financial crisis, government bailouts for reckless banks included. Bitcoin exists to fix this.
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