Binance Financial News

The aftermath of the collapse of SVB and Signature bank has been felt by the stablecoin market and various holders alike. However, Ethereum [ETH] managed to benefit from the chaos that ensued following these events.

US-based cryptocurrency exchange Coinbase announced the suspension of trading for the Binance  USD (BUSD) stablecoin on March 13 via Twitter. 

The cryptocurrency market has had a tumultuous few days; Bitcoin and other digital assets took a tumble before recovering late in the week to recoup some of their losses.  

Filecoin [FIL], at the time of writing, was one of the crypto-market’s top performers after it jumped by 22% in a 24-hour period. That wasn’t all either, however, as its trading volume also surged by nearly 83%. The latter development implied that there has been significant demand for the coin of late.

Binance has confirmed plans to convert $1 billion worth of Binance USD (BUSD) from its Industry Recovery Initiative to native crypto assets, including Bitcoin, Ethereum, and BNB.

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The panic caused due to USD Coin's (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes.

The failure of three major crypto-backing banks, Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank caused the stablecoin (USDC) to fall to as low as $0.87 from its $1 benchmark. 

Over the last year, a series of court cases have struck the crypto industry. Bankruptcy, liquidity issues and fraud have caused the industry to fall under the microscope of regulators around the world.

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Tron founder and CEO Justin Sun is among the blockchain industry leading figures that have weighed in on SVB saga and USDC’s depeg.

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.

The death spiral of the Terra (LUNA) and TerraUSD (UST) ecosystem served as a catalyst to the 2022 bear market — causing losses in the millions, damaging investor sentiment and intensifying the regulatory spotlight over cryptocurrencies. However, the recent depegging of Circle’s USD Coin (USDC) led Binance CEO Changpeng ‘CZ’ Zhao to believe that traditional banks are a risk to stablecoins that are usually pegged 1:1 with fiat currencies, like the US dollar.

Voyager Digital's bankruptcy plan, creating a new hurdle for the crypto lender's plan to sell its assets and transfer its customers to Binance.US in a deal valued at $1.3 billion. The U.S. Attorney's Office for the Southern District of New York and the Office of the U.S. Trustee, the Department of Justice's bankruptcy watchdog, filed a notice of appeal late Thursday in U.S. bankruptcy court in Manhattan. It did not detail why they were appealing. U.S. Bankruptcy Judge Michael Wiles, who is overseeing Voyager's Chapter 11 bankruptcy process, had approved Voyager's restructuring plan, which is built around the acquisition by crypto exchange Binance.US, at a hearing on Tuesday after overruling objections from the U.S. Securities and Exchange Commission and DOJ. Voyager, Binance.US and the DOJ did not immediately respond to requests for comment on the appeal.

USDC, a stablecoin linked to the dollar, lost its peg to the U.S. currency amid a surge of investor withdrawals after its founder, Circle Internet Financial Ltd., said it had $3.3 billion invested in the collapsed Silicon Valley Bank.

ABS Change, a platform illegally trading cryptocurrencies in Kazakhstan, has been identified and shut down, according to an update shared by the country’s Financial Monitoring Agency (FMA) on Telegram.

Binance NFT, the non-fungible token (NFT) arm of the popular cryptocurrency exchange Binance, has announced the inclusion of the Polygon network as one of the supported blockchains in its marketplace. The move is part of Binance's efforts to expand the NFT ecosystem within its community and allow users to trade NFTs on various blockchains like Ethereum, BNB Smart Chain, and now Polygon, using their Binance accounts.

The voluntary liquidation of Silvergate Bank, a crypto-friendly bank, has caused a stir in the crypto industry, with many sharing their thoughts about the bank’s troubles and the broader impact of its collapse on crypto. Some United States lawmakers have taken the opportunity to criticize the crypto industry, labeling it as a “risky, volatile sector” that “spreads risk across the financial system.” Senator Elizabeth Warren called for regulators to “step up against crypto risk,” while Senator Sherrod Brown expressed concern that banks that get involved with crypto are putting the financial system at risk.

Litecoin (LTC) is celebrating another win despite the ongoing market turmoil. The network’s latest update confirms that it has maintained its transaction consistency on BitPay.

Bankrupt crypto lender BlockFi has made headlines with its latest bankruptcy filing, revealing that it has $227 million invested in a money market mutual fund offered by Silicon Valley Bank (SVB).

USD Coin [USDC], lost its dollar peg on some exchanges, over concerns that reserves backing the second-largest stablecoin by market cap, were stuck in the failed Silicon Valley Bank (SVB).