County Jerome Financial News

The collapses of Silicon Valley Bank and Signature Bank give Federal Reserve policy makers two good reasons to hold off on raising rates when they meet next week. But the latest run of economic data can only serve to remind them why, until last week anyway, they planned to keep raising rates.

WASHINGTON—Federal Reserve Chair Jerome Powell said Wednesday officials were keeping their options open over how much to raise interest rates this month after investors interpreted his comments Tuesday to suggest a half-percentage-point increase was likely.

The Federal Reserve is investigating the factors that led to the failure of Silicon Valley Bank — including how it supervised and regulated the now-collapsed financial institution.

WASHINGTON—Federal Reserve Chair Jerome Powell said Wednesday officials were keeping their options open over how much to raise interest rates this month after investors interpreted his comments Tuesday to suggest a half-percentage-point increase was likely.

The price of Bitcoin (BTC) increased by 14.4% between March 12-13 after it was confirmed that financial regulators had rescued depositors in the failing Silicon Valley Bank (SVB). The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date.

When the Federal Reserve starts to raise interest rates, it generally keeps doing so until something breaks, or so goes the collective Wall Street wisdom.

Major crypto exchange Coinbase stated that it has millions in corporate cash balance with the shuttered Signature Bank.

WASHINGTON—Federal Reserve Chair Jerome Powell said Wednesday officials were keeping their options open over how much to raise interest rates this month after investors interpreted his comments Tuesday to suggest a half-percentage-point increase was likely.

Bitcoin, which began trading at the US$22,000 level on Monday, dropped to its lowest point since January 2021, reaching US$19,000. Similarly, Ethereum, the second-largest cryptocurrency, also experienced a drop, falling to the US$1,300 level. As a result, both of these cryptocurrencies experienced significant losses in their weekly gains. However, following the release of the US jobs data on Friday, Bitcoin and other cryptocurrencies experienced a rebound, as the US added 311,000 jobs in February, surpassing predictions. Over the past 24 hours, both Bitcoin and Ethereum gained 3%. Investors and traders reacted to the recent statement by US Fed Chair Jerome Powell regarding potential interest rate hikes, resulting in sell-offs and increased concerns over aggressive interest rate policies. However, the decline in the crypto market may also be attributed to uncertainties surrounding Silvergate Bank broadly this week. In November, the bank faced significant withdrawals of $8.1 billion from investors following the FTX incident, leading to a chain reaction of negative consequences, including the sale of debt at a loss of $718 million. The bank's latest financial report showed staggering losses of $1 billion for Q4 and $949 million for the entire year of 2022, in contrast to the $76 million profit recorded in 2021. The bank's announcement of liquidation this week has also significantly impacted the crypto market.

Banking regulators devised a plan Sunday to shore up deposits at Silicon Valley Bank, a critical step in stemming a feared panic over the collapsed tech-focused institution.

WASHINGTON—Federal Reserve Chair Jerome Powell said Wednesday officials were keeping their options open over how much to raise interest rates this month after investors interpreted his comments Tuesday to suggest a half-percentage-point increase was likely.

WASHINGTON—Chair Jerome Powell said the Federal Reserve would consider raising interest rates by a larger half percentage point this month and was likely to lift rates higher than previously expected this year to cool an economy that has shown surprising strength.

WASHINGTON—Chair Jerome Powell said the Federal Reserve would consider raising interest rates by a larger half percentage point this month and was likely to lift rates higher than previously expected this year to cool an economy that has shown surprising strength.

WASHINGTON—Federal Reserve Chair Jerome Powell said Wednesday officials were keeping their options open over how much to raise interest rates this month after investors interpreted his comments Tuesday to suggest a half-percentage-point increase was likely.

Bitcoin, the world's top cryptocurrency, has undergone a significant drop, reaching its lowest value in two months. Ether, the second most valuable cryptocurrency, followed a similar path and also experienced a decrease in value. 

Four United States Republican senators lead by Bill Hagerty have written a letter to the heads of federal banking regulatory agencies questioning the ideological motivation behind recent regulatory moves in regard to cryptocurrency. They compared the regulators’ policies to the Obama administration’s Operation Choke Point.

The ghost of 2022’s crypto contagion is yet to be exorcised. A wave of ETH sell pressure might be on the way courtesy of distraught crypto firm Voyager.

cryptocurrency markets were trading mixed on Thursday after hawkish comments from Federal Reserve Chair Jerome Powell raised the possibility of further large rate hikes to tackle inflation. Bitcoin, Solana and Polygon were trading with cuts, whereas BNB, XRP and Shiba Inu were trading with gains. The global cryptocurrency market cap was trading lower around 996.91 billion, falling 0.93% in the last 24 hours. «The crypto market cap slipped below the $1 trillion mark as the US central bank sent strong signals about tackling inflation through strict monetary policies and rate hikes. Hawkish monetary policies may decrease the liquidity in the market in the coming weeks which may result in further price falls,» Shivam Thakral, CEO of BuyUcoin, said. “The dip in the prices will offer a buying opportunity to seasoned investors based on their risk appetite,” Thakral added.

The world's top cryptocurrency, Bitcoin, has sharply declined, reaching its lowest value in two months. The second most valuable cryptocurrency, Ether, also experienced a similar downward trend in value. 

WASHINGTON—Chair Jerome Powell said the Federal Reserve would consider raising interest rates by a larger half percentage point this month and was likely to lift rates higher than previously expected this year to cool an economy that has shown surprising strength.

WASHINGTON—Federal Reserve Chair Jerome Powell said Wednesday officials were keeping their options open over how much to raise interest rates this month after investors interpreted his comments Tuesday to suggest a half-percentage-point increase was likely.