UBS Group has agreed to purchase the ailing European bank Credit Suisse for $3.2 billion, according to various reports on March 19. UBS will buy Credit Suisse Swiss President Alain Berset announced the deal in the evening, according to reports from the Associated Press. The government brokered the deal to prevent a financial crisis. The…
The stablecoin market has seen significant changes over the past few weeks — including the removal of over 7 billion USDC stablecoins from circulation following the depegging event on March 11. Since then, USDC and other stablecoins have been re-pegged, and Circle’s stablecoin is currently trading at $1 on several centralized trading platforms as of…
Contributor at CryptoSlate Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
Gemini Exchange co-founder Tyler Winklevoss described the US banking system as a modern-caste system where the people with the top banks are protected while the rest are exposed to risks. In a March 17 Twitter thread, Winklevoss categorized US bank customers into those banked by the bulge bracket banks, regional banks, and unbanked banks. The Bulge…
During the week ending March 15, two Federal Reserve backstop facilities were utilized by US banks to borrow a total of $164.8 billion. The traditional liquidity backstop for banks, also known as the discount window, saw a record-high borrowing of $152.85 billion, which increased significantly from the previous week’s $4.58 billion. According to a March…
The recent collapse of the Silicon Valley Bank (SVB) and the USD Coin (USDC) de-peg halted the hype around Non-Fungible Tokens (NFTs) while benefitted the activity on Decentralized Finance (DeFi), as the recent DappRadar report revealed. During the weekend of Mar. 11-12, DeFi’s transaction volume surpassed $58 billion across all platforms — while Mar. 11…
U.S. lawmaker Tom Emmer said President Biden’s administration was weaponizing market chaos to kill crypto. The pro-crypto lawmaker added that he sent Federal Deposit Insurance Corporation (FDIC) Chairman Gruenberg an investigative letter seeking additional information on the regulator’s actions against crypto-friendly banks. Emmer highlights anti-crypto moves by regulators In a Fox Business interview, Emmer argued…
The crypto market is largely unaffected by the European Central Bank’s latest 50 basis point rate hike, with the flagship cryptocurrency Bitcoin only seeing a minor dip following the announcement. Meanwhile, traditional stock markets saw most stocks rebound after opening losses following the rate hike. However, long-term sentiment points to future pains as markets were…
The U.S. Federal Deposit Insurance Corp (FDIC) has started requesting bids from banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank — but whoever bids on Signature cannot have any ties to the crypto industry, according to Reuters. “Any buyer of Signature must agree to give up all the crypto business at…
The U.S. Federal Reserve has announced that its FedNow service will launch this summer, as seen in a statement from the agency on March 15. FedNow service to launch in July The Federal Reserve said that it will begin to certify FedNow participants in April. It will also engage in validation activities to ensure that…