Bitcoin Financial News

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.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

The past week has been devastating for banks affiliated with businesses operating in the crypto space. Silvergate Bank, Silicon Valley Bank, and Signature Bank saw their operations suspended within a week’s span, thanks to liquidity issues.

Bitcoin (BTC) hit its highest since the start of the month on March 13 as U.S. bank stocks saw the largest mass halt in history.

On Jan. 25, the Committee on Elections introduced a bill to the Kansas House of Representatives aimed at capping political donations via crypto at $100. Regardless of the success of this legislative initiative, the state of Kanzas won’t be the first jurisdiction to target anonymous donations. From authoritarian nations like Russia or China to electoral democracies like Ireland or Canada, one can find recent attempts to ban crypto donations to politicians all around the globe. 

Ethereum-based lending protocol Euler Finance has fallen victim to a flash loan attack resulting in around $200 million worth of digital assets stolen from the project. 

Ethereum-based noncustodial lending protocol Euler Finance was targeted by a flash loan attack on 13 March. The attacker was successful in stealing almost $197 million in Dai, USD Coin (USDC), staked Ether (StETH), and wrapped Bitcoin (WBTC).

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.

Elliot Stein, a senior litigation analyst for Bloomberg, recently appeared in an episode of Unchained Podcast hosted by Laura Shin.

Bitcoin (BTC) begins a new week with a bullish surge above $22,000 as the Federal Reserve injects liquidity into the United States economy.

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. 

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Bitcoin Cash [BCH] has been overshadowed by its more popular counterparts for the major part. Nevertheless, it has managed to retain a sizable following, and it is perhaps the most underrated cryptocurrency as far as decentralization is concerned.

Crypto companies could find it harder to access traditional banking partners with the loss of two major crypto-friendly banks in less than a week, according to some in the crypto community. 

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.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

On Sunday, Bitcoin and Ethereum  both saw a modest rise in value, with BTC surpassing $20,000 and ETH reaching the $1,400 mark. However, the decline of the US dollar, which resulted from February's labor statistics showing slower wage growth, may be responsible for this ongoing modest increase in crypto value.

Traders dumped risky assets following the crisis and failure of Silicon Valley Bank (SVB). The S&P 500 Index plunged 4.55% while Bitcoin (BTC) is down about 9% this week. 

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. 

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.