USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident - On Saturday, several centralized crypto trading platforms and payment processors stopped USDC auto conversions. However, USDC experienced a significant trading volume on decentralized exchange (dex) platforms such as Uniswap, Curve, and Pancakeswap. Uniswap alone recorded $10.13 billion in trades over the past day, with more than 55% of those swaps involving USDC against wrapped ether, […]
South African Rand Plunges to New 2023 Low Versus the US Dollar - Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial Action Task Force (FATF) are […]
Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation - A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing to report digital assets to the state. In its latest revision, the bill also threatens to punish those who organize illegal trading of cryptocurrencies with imprisonment and hefty fines. Forced Labor Awaits Miners and Traders Who Operate Outside Law, […]
Nigerian Central Bank Unveils Open Banking Guidelines - The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines’ objectives include ensuring “consistency and security across the open banking system.” Customer Permissioned Data Sharing The Central Bank of […]
Cryptocurrency Turnover Growing in Russia, Watchdog Reports to Putin - Use of cryptocurrencies is increasing in Russia, the head of the country’s financial watchdog has informed President Putin. The agency, Rosfinmonitoring, is following thousands of participants in digital asset transactions with a new blockchain analytics system, the official revealed. Volume of Crypto Transactions in Russia Almost $13 Billion, Financial Authority Says The turnover of crypto […]
Billionaire Warns of Imminent Bank Runs if Government Fails to Guarantee All SVB Deposits - Billionaire Bill Ackman has warned of “vast and profound” consequences of the U.S. government letting Silicon Valley Bank (SVB) fail without protecting all depositors. “No company will take even a tiny chance of losing a dollar of deposits as there is no reward for this risk. Absent a systemwide FDIC deposit guarantee, more bank runs […]
Rich Dad Poor Dad Author Robert Kiyosaki Warns Another Bank Is Set to Crash - The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that another bank is set to crash following the collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Kiyosaki also recently said the world economy is on the verge of collapse, warning of bank runs, frozen savings, and […]
Circle Issues Update Amid Stablecoin Volatility; Firm Is Prepared to ‘Stand Behind USDC and Cover Any Shortfall’ - On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC, and noted that the stablecoin’s liquidity operations will resume normally on Monday morning in the United States. Circle said that the company’s teams would be ready on Monday to “handle significant volume” and that the firm will “stand behind USDC and […]
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Ripple CTO Says Silicon Valley Bank Was ‘Insolvent’ Even Before the Bank Run Took Place - Recently, David Schwartz, CTO at FinTech firm Ripple, explained why he believes that Silicon Valley Bank (SVB) — which was closed by Californian regulators last Friday (March 10) and under the control of the US Federal Deposit Insurance Corporation (FDIC) — was “insolvent” event before last week’s bank run. SVB has $175 billion in deposits, […]
$SHIB: Public of Beta of Shiba Inu’s Layer 2 Blockchain ‘Shibarium’ Goes Live - The moment that the many fans of the highly popular meme-based cryptocurrency Shiba Inu ($SHIB) had been eagerly waiting for finally arrived yesterday (March 11). Here is what Binance Academy says about Shiba Inu ($SHIB): “Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named […]
Circle: ‘This Is a Time of Heightened Uncertainty for the USDC Economy’ - Circle Internet Financial (“Circle”), the issuer of the dollar-backed stablecoin USD Coin (USDC), has provided important assurances that should help to calm holders of the coin and the crypto market in general. In a blog post published on Saturday (March 11), Circle explained that Silicon Valley Bank (SVB) — which Californian regulators closed on March […]
Analytics Firm Tracks Big Whale Moves for Polygon, Fantom and One Ethereum-Based Altcoin As Markets Cling to Life - Blockchain analytics firm Santiment has spotted huge whale transactions for Polygon (MATIC), Fantom (FTM), and an Ethereum (ETH)-based altcoin as the crypto markets continue to see red. In a new blog post, Santiment reports that a Polygon whale relocated his MATIC stack worth $62.1 million from one crypto exchange address to another exchange wallet. The […]