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Who should be held responsible for the Silvergate Bank and SVB crises?

As bank after bank topples, fingers are pointing everywhere. But crypto is not to be blamed for this unfolding crisis, writes Winston Hsiao of XREX.

Weekly Market Wrap: Bitcoin falls below US$20,000 as Silvergate collapse, rate hike concerns rise

Bitcoin fell below US$20,000 for the first time since Jan. 13 on the back of crypto bank Silvergate’s collapse and the U.S. Fed signaling higher than expected interest rate hikes.

Bitcoin, Ether slump in broad sell-off amid Fed red flags on rates, Silvergate Bank failure

Bitcoin and other leading cryptocurrencies slid Friday morning in Asia, tracking equities amid red flags on interest rates and concern about fallout from the Silvergate collapse.

Bitcoin, Ether fall amid interest rate hike fears, Silvergate liquidation; Forkast NFT 500 index slips 0.79%

Bitcoin and Ether fell in evening trading in Asia Thursday, with XRP the sole gainer in 24 hours among the top 10 non-stablecoin cryptocurrencies by market cap.

Crypto bank Silvergate to close, return all deposits; becomes latest victim of 2022 crypto turmoil

Silvergate Capital said Wednesday it will cease operations and liquidate its bank unit.

Bitcoin crashes through US$22,000 floor as failure of Silvergate crypto bank hits market

The shuttering of Silvergate Bank was not unexpected, but it still drove Bitcoin and most of the top 10 non-stablecoin cryptocurrencies lower on Thursday morning in Asia.

Silvergate teeters as regulators circle and crypto firms cut ties

Top blockchain and crypto news: Silvergate woes spark bankruptcy talk. LDO dips on false enforcement rumors. Chinese leaders push digital development.

Bitcoin gains, all other top 10 cryptos in the red amid Silvergate fallout

Bitcoin gained in Monday afternoon trade in Asia while all other top 10 non-stablecoin cryptocurrencies by market capitalization posted losses.
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Bybit suspends U.S. dollar bank transfers, possible link to Silvergate shuttering crypto banking network

Bybit suspended U.S. dollar deposits and withdrawals via wire and bank transfers due to “service outages from a partner.”

Circle joins Crypto.com, Coinbase in cutting ties with embattled crypto bank Silvergate

USDC issuer Circle said Friday that it is withdrawing from “certain services that involve” California-based cryptocurrency bank Silvergate.

Silvergate probed by US prosecutors over FTX, Alameda accounts: Bloomberg

U.S. prosecutors are investigating California-based cryptocurrency bank Silvergate Capital Corp. for how it handled accounts tied to now-bankrupt crypto exchange FTX and its brokerage arm Alameda Research, Bloomberg reported on Thursday, citing sources familiar with the matter.

Silvergate reports US$1 billion loss, attributes to “crisis of confidence” in crypto sector

U.S.-based cryptocurrency bank Silvergate Capital Corp., which saw clients withdraw more than US$8 billion late last year, on Tuesday reported a US$1 billion loss for the fourth quarter of 2022, a slump it attributed to a “crisis of confidence” in the sector resulting from several large bankruptcies.

Silvergate cuts 40% of staff after facing US$8.1B in withdrawals amid FTX collapse

Cryptocurrency bank Silvergate Capital has laid off 40% of its staff, or about 200 employees, after the collapse of FTX.com, which sparked mass withdrawals of around US$8.1 billion.

Crypto market pain will continue but still bullish on Bitcoin lending: Silvergate

The bear market in digital assets hasn’t ended with more exchanges and crypto funds likely to suffer for several quarters, Alan Lane, the Chief Executive of crypto-focused bank Silvergate said. See related article: Wall Street seems to sense opportunity in distressed crypto markets Fast facts Investors should not compare the current crypto price decline to […]

North America retains crypto crown even as US regulatory clouds loom: Chainalysis

The United States is the region’s top driver of crypto activity.

What Europe’s new spot Bitcoin ETF means for global markets

Europe’s first spot Bitcoin ETF ushers in an era where traditional finance and crypto are converging, setting the stage for digital assets to become mainstays in the economy.

Bitcoin, Ether continue to slide; altcoins under pressure

Bitcoin remained under US$26,000 and Ether dropped below US$1,600 in Tuesday afternoon trade in Asia.

Bitcoin, Ether lose key support levels; altcoins slide amid FTX liquidation woes

Bitcoin fell on Tuesday morning in Asia to hover above US$25,000 after briefly losing the key support level. Ether also slid to lose control of US$1,600.

Weekly Market Wrap: Bitcoin’s summer volatility, Coinbase’s new stake and anticipations on the Fed moves cryptocurrencies

From landmark business decisions to looming central bank announcements, the crypto landscape this week teemed with events that may shape the course of the market.

XRP erases gains from Ripple’s partial victory as Bitcoin falls 10% in a week

Macroeconomic factors hit investor sentiment while a U.S. judge’s consent to SEC over its ongoing tussle with Ripple Labs affects crypto prices.

Bitcoin slips but remains in ‘bullish scenario’ above US$27,500; Ether, most top 10 cryptos slide

Bitcoin and Ether fell during Friday afternoon trading in Hong Kong, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Despite its recent crab walk, Bitcoin is in a “bullish scenario” as long as it holds US$27,500, industry experts told Forkast.

Stablecoins can make banking safe again: Opinion

Stablecoins play a pivotal role as a safe-haven medium of exchange in times of high inflation, writes James Glasscock. But they’re not without risks.

USDT’s goal is to be the dollar, not beat it, says Tether CTO

Scrutiny on the stablecoin’s reserves has intensified since USDT’s latest depegging scare. Paolo Ardoino, CTO of Tether and Bitfinex, delves into the composition of USDT reserves, explaining how the firm ensures dollar redemptions, irrespective of secondary market prices.

Wall Street-backed crypto exchange a sign of lingering interest despite SEC’s crackdown

Top blockchain and crypto news: Wall Street backs new crypto exchange. NFT traders remain cautious. Alibaba’s incoming chairman is a crypto fan.

Bitcoin, Ether rise amid ‘swoon-soar’ trading after SEC lawsuits against Binance, Coinbase

Bitcoin fails to break US$27,000 ceiling. Binance’s BNB gained 2%, even as latest SEC filing alleges customer funds were moved to private accounts, a charge Binance rejected.

Binance moved billions of dollars in client funds to accounts of company officials, SEC says in new filing

The U.S. Securities and Exchange Commission (SEC) has submitted a new court filing to support its lawsuit against the world’s largest cryptocurrency exchange, Binance.

Why lack of diversification is cripping to the crypto market

Small cryptos often rise and fall with BTC and ETH — the market’s two biggest players. The concentration risk is profound, and here’s why you should care.

Why are so many VCs and startups flocking back to banks?

The collapse of Silicon Valley Bank and others led to predictions of big shifts away from centralized finance. James Wo examines why that hasn’t happened yet.

Binance allegedly commingled customer funds: Reuters

Binance, the world’s largest cryptocurrency exchange, has been accused of blending client funds with its own corporate revenue in violation of U.S. financial regulations, according to three unnamed sources cited by Reuters.

Are deposit tokens the new stablecoins — or a wolf in sheep’s clothing?

Stablecoins are a key part of the crypto ecosystem, but banks like JPMorgan are now exploring deposit tokens as an alternative. Which is better, and why?

Circle: US regulation can help create the ‘most stable stablecoin’

Circle Vice President of Global Policy Corey Then says he is optimistic that U.S. regulatory developments can eventually benefit local players despite ongoing scrutiny.

Largest banks should fill crypto void after lender failures, says Standard Chartered’s Geoff Kendrick

In the final installment of a three-part interview series, Geoff Kendrick, head of crypto research at Standard Chartered Bank, outlines the lender’s approach to crypto and why he thinks exploration of blockchain use cases is just beginning.
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Weekly Market Wrap: Bitcoin rises above US$29,000, Ether recaptures US$1,900

Bitcoin inched above US$29,000 on Friday, as concerns over the health of the banking system have been reignited. Industry experts tell Forkast that banking troubles could fuel Bitcoin values, which face significant resistance above US$29,500.

What JPMorgan’s First Republic takeover means for the crypto industry

Top blockchain and crypto news: JPMorgan swoops as another bank falls. NFT market rivalry heats up. Bitget seeks Hong Kong exchange license.

Bitcoin, Ether, Litecoin rise, BNB stumbles; US equity futures flat ahead of Fed interest rate decision

Bitcoin and Ether gained ground in Wednesday morning trading in Asia, with most other top 10 tokens mixed. Litecoin gained, BNB was the biggest loser.

Bitcoin, Ether lose ground; Polkadot leads losers among top 10; U.S. equity futures slip

Bitcoin dipped to US$28,000 in Tuesday morning trading in Asia and then fell through that support line later in the morning. Ether and other top 10 cryptocurrencies also fell.

HKMA urges local banks to provide services to regulated digital asset firms

Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority, urged local lenders to provide banking services to regulated crypto firms.

SEC’s Gary Gensler dodges question on whether Ethereum is a security

SEC Chair Gary Gensler did not give a direct answer when asked whether Ether is a security or a commodity at a congressional oversight hearing on Tuesday. 

Crypto firms hardpressed to find U.S. bank partners as industry blames ‘Operation Choke Point 2.0’

NYDFS superintendent Harris called the idea of Operation Choke Point 2.0 “ludicrous,” but industry participants largely disagree. Was the shutdown of the three largest crypto-friendly institutions a coordinated effort to unbank crypto?

The TradFi vs. DeFi rivalry is hitting a new peak — and that’s bad for everyone

Amid the current banking crisis, each side is exhibiting disdain for the other when neither holds the moral high ground, writes Rachel Lin of SynFutures.

What the US can learn from the Philippines to regulate crypto in a smarter way

The Philippines has licensing requirements and proactively monitors crypto firms, while the US regulates by enforcement only after consumers are already badly hurt, writes Robert De Guzman of Coins.ph.

Japan’s FSA steps up crypto regulation with warnings to Bybit, other exchanges

Cryptocurrency exchange Bybit has been ordered to comply with Japan’s regulatory requirements and cease offering services to Japanese residents, after Japan’s Financial Services Agency issued a warning to the company over its registration process

Binance faces legal battle as US regulator gets ready to rumble

Top blockchain and crypto news: Binance targeted in CFTC lawsuit. Law catches up with Do Kwon. Chinese banks bet on Hong Kong crypto.

Asia leads crypto regulations, innovation may leave the US, says Ripple’s Long

Asia-Pacific nation are leading the way in developing global cryptocurrency regulations that favor innovation, which is something that U.S. regulators should also take note of, said Ripple Labs Inc. President Monica Long

Is our banking system obsolete?

For long, people could only put cash into a bank account or under the mattress, writes Eric Johnson. Will blockchain technology offer a viable alternative?

Bitcoin, other crypto fall as U.S. sues Binance; U.S. equities gain as banks stabilize

Bitcoin fell Tuesday morning in Asia along with most other top 10 non-stablecoin cryptocurrencies after the U.S. filed a lawsuit against Binance.

MicroStrategy buys 6,555 Bitcoin worth US$150 mln

MicroStrategy acquired 6,555 Bitcoin for around US$150 million, at an average price of US$23,238 per coin, between Feb. 16 and March 23

Weekly Market Wrap: Bitcoin hovers around US$28,000 as banking concerns return. Will it hit US$30,000?

As banking contagion worries reignited, Bitcoin traded firmly above US$28,000 for most of the week. Considering that Bitcoin was made for a potential banking crisis, industry experts are eyeing the US$30,000 mark for BTC.

Bitcoin rebounds above US$28,000 as equities gain in U.S. on Treasury easing bank worries

Bitcoin bounced back above US$28,000 on Friday morning in Asia amid a rebound in all top 10 non-stablecoin cryptocurrencies and gains in equities overnight.

Bitcoin buoyed as bank busts spook investors

Top blockchain and crypto news: Banking woes boost Bitcoin. Arbitrum counts down to launch. Chinese billionaire faces US crypto scam charges.

Crypto needs to look abroad as US exchanges go unbanked

The fall of Silvergate, SVB and Signature has left crypto firms scrambling for new banks. Will crypto banking head offshore for the long term?

Bitcoin rises past US$28,000, most other top 10 cryptos gain

Bitcoin traded above US$28,000 on Monday afternoon in Asia, a gain of 25% over last week, as a banking crisis in the U.S. and Europe prompted traders to see Bitcoin as a safe haven.
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New York Community Bancorp unit to assume Signature Bank deposits, FDIC says

New York Community Bancorp will assume all deposits and certain loan portfolios of the failed Signature Bank, the FDIC said on Sunday.

Weekly Market Wrap: Bitcoin rises above US$26,000, as ‘store of value’ narrative strengthens amid bank failures

As the U.S. banking system stared into the pit of bank runs and collapsing share prices, the authorities acted swiftly to try and pull everything back from the edge. However, Bitcoin seemed unperturbed. Is this what a safe haven looks like?

Another Crazy Week For Bitcoin

Bitcoin and other cryptocurrencies bounce back after a turbulent week for banks in the US and Switzerland.

Bitcoin, Ether rise; relief for investors as major banks get liquidity lifeline

Bitcoin and Ether rallied by the end of Asian trading hours on Friday afternoon, together with all other top 10 non-stablecoin cryptocurrencies by market capitalization.

Bitcoin, Ether drop, other top cryptocurrencies retreat as bank liquidity concerns rise

Bitcoin and Ether dropped in Thursday morning trading in Asia along with most other leading tokens amid broader concerns about bank liquidity.

Circle’s USDC bounces back after Silicon Valley Bank bust

Top blockchain and crypto news: USDC stabilizes after SVB collapse. Silvergate closes shop. China tightens financial supervision.

Anchorage Digital lays off 20% of staff amid low NFT demand, says bank unit not affected

Digital asset platform Anchorage Digital will lay off 75 employees as it restructures to meet regulation challenges.

New York regulator says Signature Bank closure ‘nothing to do’ with cryptocurrencies: Reuters

The decision to shut down Signature Bank at the weekend was not related to cryptocurrencies, the New York regulator told Reuters on Tuesday.

Circle’s Disparte speaks on de-risking crypto from banking risks

The recent U.S. banks fallout is a stress test for both traditional finance and digital assets but to weather the storm side by side is a powerful opportunity, says Circle Chief Strategy Officer Dante Disparte.

Bitcoin jumps above US$24,000, leading crypto gains as U.S. acts to backstop banks

Bitcoin continued to gain in morning trading in Asia, as regulators acted to backstop the U.S. banking industry. Most of the top 10 cryptocurrencies gained.

Crypto banking crisis?

As the U.S. tries to head off a bank run, crypto is quickly running out of places to bank with.

Bitcoin, Ether gain after U.S. regulators take charge to shield deposits across crypto-related banks

Bitcoin and Ether gained in Monday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization, after U.S. regulators took charge of Silicon Valley Bank and Signature Bank, both with exposure to crypto industry, protecting deposits and confirming that no losses will be borne by the taxpayer. 
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Circle’s USDC stablecoin regains parity as regulators act to stop bank run risk

Circle said its $3.3 billion of USDC cash reserves at the collapsed Silicon Valley Bank will be available Monday after regulators stepped in to backstop deposits.

Bitcoin jumps more than 9% as U.S. acts to protect deposits at crypto-linked banks

Bitcoin and Ether led a rebound in cryptocurrencies in Asia morning trading as U.S. regulators backstopped banks with ties to the crypto industry.

U.S. regulators shutter Signature Bank, lender to Paxos, Coinbase, citing systemic risk

U.S. regulators closed New York-based Signature Bank, one of the biggest lenders in the crypto industry, due to risks of a systemic failure.

Worst week of 2023

Crypto markets slammed by Fed, Silvergate, lawsuits.

Bitcoin, Ether, Forkast 500 NFT index close lower on the day

Bitcoin and Ether tumbled during Asia trading hours on Friday afternoon, with Dogecoin leading losses among the top 10 largest non-stablecoin cryptocurrencies by market capitalization, pressured by crypto bank Silvergate’s liquidation

Bank bust

Contagion, regulation worries grow after crypto bank’s demise

Forkast 500 NFT index dips, Vitalik-linked NFT token gains momentum

The Forkast 500 NFT Index dipped 1.25% to 4,235.97 in the 24 hours through 10:00 a.m. in Hong Kong on Thursday.
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Voyager gains court approval to sell assets to Binance U.S. in US$1.3 bln deal

Bankrupt crypto lender Voyager Digital received court approval from bankruptcy Judge Michael Wiles on Tuesday to sell its assets and transfer its customers to Binance’s U.S. arm, in a US$1.3 billion deal.