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U.S. Treasury Secretary Janet Yellen says the federal government could guarantee all deposits of smaller banks if they “suffer deposit runs that pose the risk of contagion.” The government recently protected all deposits of Silicon Valley Bank and Signature Bank after they failed. U.S. Government Ready to Guarantee More Deposits if Needed U.S. Treasury Secretary Janet Yellen said in a speech to the American Bankers Association Tuesday that the government is ready to provide additional deposit guarantees if the banking crisis worsens. Following the failures of several major banks, including Silicon Valley Bank and Signature Bank, the government stepped in and guaranteed all deposits of the two failed banks beyond the usual $250,000 Federal Deposit Insurance Corporation (FDIC) coverage limit. The former Federal Reserve chair explained: The steps we took were not focused on aiding specific banks or classes of banks. Our intervention was necessary to protect the broader U.S....

Cryptocurrencies continue to thrive, despite the wobbly macro-environment. However, institutions have not yet joined the celebrations. Last week, Watcher Guru reported that digital asset investment products noted outflows for the fifth consecutive week, totaling $255 million. The same equated to the largest single weekly outflows on record, representing 1% of total assets under management. Well, the same outflow tale has been renewed at the moment. According to the latest data from CoinShares, institutions continue to ditch Bitcoin and Ethereum. However, they are collectively betting on Altcoins like XRP, Solana , Litecoin, and MATIC instead. As illustrated below, roughly $113 million worth of Bitcoin and $13 million worth of Ethereum have been sent out by institutions over the past week. On the other hand, they added Litecoin, Solana, Polygon, and XRP worth $1 million in aggregate. Source: CoinShares Also Read: Bitcoin Could Reach $100,000 Within 12 Months: Messari Fo...

Alongside Bitcoin, even Ethereum has been breaking barriers and claiming new highs. Over the past week, the largest altcoin has rallied by around 15%. In fact, on both Saturday and Sunday, i.e. March 18 and 19, ETH created highs around $1841. Furthermore, on the daily timeframe chart, Ethereum has managed to flip its downtrend resistance into a support level. In fact, after breaking above the downtrend, ETH swiftly sprung up and registered a ~30% incline. ETH/USDT by TradingView Also Read: Ethereum’s Vitalik Buterin Recommends These Wallets for “Self Custody” “Ethereum to $2k” Narrative Gets Stronger Given the latest rise, the percentage of addresses in profit has increased in tandem. According to data from Glassnode, the same attained a 10-month high of 65.349% on Monday, March 20. A rise in returns usually triggers “tourists” or “paper hands” to book profits and exit. Even though we might see a mini-sell-off in the days to come, it should be noted that the Et...

General Bytes experienced a security incident on March 17 and 18 that enabled a hacker to remotely access the master service interface and send funds from hot wallets, according to the company and sources. The breach forced a majority of U.S.-based crypto automated teller machine (ATM) operators to temporarily shut down. The hacker was able to liquidate 56.28 bitcoins, worth approximately $1.5 million, from about 15 to 20 crypto ATM operators nationwide. Crypto ATM Operators Temporarily Shut Down After General Bytes Security Breach Enables Hacker to Liquidate $1.5M in Bitcoin and Other Cryptocurrencies The largest cryptocurrency automated teller machine (ATM) manufacturer, General Bytes, has produced 9,505 such machines globally, with thousands located in the United States. On Saturday, March 18, the company informed the public of a serious security incident that occurred on March 17 as well. “We released a statement urging customers to take immediate action to protect their p...

Bitcoin moved to a fresh nine-month high on Friday, as prices moved above the $27,000 level. The surge comes following the U.S. Federal Reserve’s decision to backstop embattled banks to a record tune of $152.9 billion. Ethereum was also in the green in today’s session. Bitcoin Bitcoin (BTC) rose back above $27,000 in today’s session, as markets reacted to the Federal Reserve’s decision to pump liquidity into the U.S. economy. Following a low of $24,624.74 on Thursday, BTC/USD raced to an intraday peak of $27,002.39 earlier in the day. As a result of the move, bitcoin climbed to its strongest point since June 2022, when price was above $28,500. Bitcoin chart by TradingView Since this latest rally, the 10-day (red) moving average is now on the verge of an upwards crossover with its 25-day (blue) counterpart, which many see as a sign of a longer-term bull run. In addition to this, the 14-day relative strength index (RSI) has broken out of a resistanc...

Join us as we discuss whether cryptocurrency mining is still worth it in 2023 and all the latest updates regarding the mining industry. In this week’s episode of Market Talks, Cointelegraph welcomes Justin Kramer, CEO of Badgerland Home Crypto Mining and a long-time cryptocurrency investor. When he is not attending to his own mining rigs, Kramer provides consultation services to home-based operations and larger startups on how to set up mining farms. We start things off with miner prices and how they have changed in the last few months. Have the prices gone up or down, and what kind of impact does Bitcoin (BTC) have on prices? Which miners are the most in-demand right now, and who is buying them — small-scale miners or larger operations? Mining operations that paid extremely high prices for mining rigs, which are now not worth even close to the same amount, how are they managing in this market? What is their plan for getting their investments back? Is it a lost cause at this point sin...

Swiss regulators reaffirm the soundness of the Swiss financial system, following recent concerns about Credit Suisse. The Swiss National Bank (SNB) and the Swiss Financial Market Supervisory Authority (FINMA) have released a joint statement March 15 on the stability of the Swiss banking system and Credit Suisse (CS). The problems of “certain banks in the USA” do not pose a risk for the Swiss financial system, they wrote. The regulators said Credit Suisse meets all capital and liquidity requirements, but “if necessary, the SNB will provide CS with liquidity.” The statement comes as CS shares fell up to 30%. According to a Reuters report, European Central Bank officials have contacted banks they supervise to ask about their CS exposure, and the French finance minister would call his Swiss colleague to discuss the developments at CS. Source: https://thebittimes.com/swiss-national-bank-says-it-would-support-credit-suisse-if-necessary-tbt40926.html?utm_source=blogger_source&utm_medi...

Join Our Telegram channel to stay up to date on breaking news coverage Despite facing various challenges in 2022, the crypto market has witnessed some promising developments, with a few projects performing exceptionally well during their presales. This highlights the significance of having a robust project with a sound use case that can thrive regardless of market conditions. Metropoly is one such project that has piqued investors’ interest with its real estate platform, leading to a substantial amount of funds being raised. This success is not surprising, given the current state of the real estate market and the demand for significant reforms. Heavy Participation in The METRO Presale Metropoly’s impressive ability to raise a significant amount of funds during the current crypto downturn is a noteworthy achievement that indicates strong investor interest in the project’s use case. The METRO token, an ERC-20 utility token with a limited supply of 1 billion, i...

While Signature’s Barney Frank referred to the recent events with SVB as an “anti-crypto message,” Trezor’s Josef Tetek says they are “definitely good” for Bitcoin. The ongoing crisis of banks in the United States has many positive implications for Bitcoin (BTC), according to an executive at the hardware wallet firm Trezor. On March 14, Bitcoin broke $26,000, a price level not seen since June 2022, posting the biggest gains this year so far. The multi-month high followed a series of shocking events in the U.S. banking industry, with banks like Silicon Valley Bank (SVB), Silvergate and Signature shutting down operations. According to Trezor’s Bitcoin analyst Josef Tetek, the current sharp rise of Bitcoin price — which is the fastest rise in price so far in 2023 — appears to be a direct result of the “apparent fragility of the banking system.” Tetek said that the current banking crisis could potentially make Bitcoin emerge as a safe-haven and risk-off asset. He emphasized that Bitcoin ...

Coinbase assured users that their BUSD funds will remain accessible and that they will still be able to withdraw funds at any time. US-based cryptocurrency exchange Coinbase announced the suspension of trading for the Binance  USD (BUSD) stablecoin on March 13 via Twitter.  We have disabled trading for Binance USD (BUSD). Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time. https://t.co/jfpCZX7UTC — Coinbase Assets (@CoinbaseAssets) March 13, 2023 On Feb 27, Coinbase cited “listing standards” as the reason behind its decision to disable trading for BUSD on March 13. The February announcement read;  We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for Binance USD (BUSD) on March 13, 2023, on or around 12pm ET. According to Coinbase’s Feb 27 Twitter thread, the decision to disable trading for BUSD will apply t...

The Washington Post has reported that US officials are considering bailing out all Silicon Valley Bank deposits. Specifically, the report stated federal officials considering “safeguarding all uninsured deposits,” at the now-closed financial institution. Moreover, the government is considering “extraordinary intervention,” to limit any potential fear derived from the country’s financial system. Sources have told the publication of the potential bailout that is currently being discussed by officials at the Treasury Department, Federal Reserve, and the Federal Deposit Insurance Corp (FDIC). JUST IN: 🇺🇸 US officials consider bailing out all Silicon Valley Bank deposits, WAPO reports. — Watcher.Guru (@WatcherGuru) March 12, 2023 US Considers “Safeguarding” SVB Deposits The collapse of SVB Financial was a development in the banking sector that no one saw coming. Subsequently, as unrealized losses forced the ...

Mar 11, 2023 at 11:25 // Price Author Coin Idol The Ethereum price (ETH) is in a downtrend, falling to a low of $1,420.90. Long term analysis of the Ethereum price: bearish The price of the largest altcoin' has been moving in a range between $1,500 and $1,700 since January 20. Buyers failed to keep the price above the resistance level of $1,700. After rejection at the $1,680 high, selling pressure resumed on March 2. Both the moving average lines and the $1,500 support level were breached by the cryptocurrency price. Selling pressure is likely to increase...

Early Bitcoin investor Davinci Jeremie recently urged cryptocurrency investors to accumulate Shiba Inu (SHIB) earlier this year. Jeremie was one of the initial investors in Bitcoin who got in early and made life-changing gains. In 2013, Jeremie urged investors to buy a minimum of $1 worth of BTC. At that time, only a few people dared to put $1,000 or more into Bitcoin, as the digital asset markets were relatively new. Therefore, Jeremie asked people to buy at least $1 worth of BTC, stating that it could deliver stellar returns as years pass. His prediction turned out to be true as Bitcoin skyrocketed in price and touched $69,000 in 2021. Jeremie is famous in the cryptocurrency circles for his 2013 YouTube video titled, “Bitcoin update – Just buy $1 worth of BTC please” . Yes, he even said “please” when asking investors to buy a mere $1 worth of BTC in 2013. You can watch the video below. Also Read: Shiba Inu: Shibarium To Burn 100 Trillion ...

Trezor plans to build its hardware wallet chips, but other crypto companies still prefer third-party imports due to technical and financial barriers. Crypto wallet maker Trezor recently decided to start manufacturing its own hardware wallet chips to respond quickly to demand-triggering events like the FTX collapse. Trezor announced on Feb. 27 that it would begin producing the chip wrapper, a crucial component for the Trezor Model T — its flagship device. The move will reportedly cut the supply cycle lead times from two years to a few months in the production of Trezor wallets. According to Trezor, the decision will also address shipment delays of finished products and shield customers from price swings caused by component supply and demand changes. After the FTX crash in November 2022, investors rushed to move their crypto holdings off of centralized crypto exchanges, which caused the demand for Trezor wallets to increase by over 300%. Štěpán Uherík, chief financial officer at Trezo...

The highly-anticipated Shiba Inu (SHIB) Layer-2 blockchain, Shibarium , is set to launch a public beta this week. Specifically, Shibarium developers took to Twitter to announce to the SHIB Army the launch of the long-awaited protocol. The Shibarium upgrade has been an exciting development for the Shiba Inu ecosystem. Moreover, as lead developer Shytoshi Kusama has hinted at its impending arrival, the presence of an official launch window is undeniably exciting and could have massive ramifications for the token. Attention #SHIBARMY 🚨 We're thrilled to announce that #SHIBARIUM Public Beta will be launching THIS WEEK! 🎉 Make sure you’re following our official socials over the next few days as we reveal all the details on how to access the beta website. Hail Shib! # Shibarium Beta 🦴 pic.twitter.com/0fG3u3mY4S — Shib (@Shibtoken) March 7, 2023 Shibarium to Launch This Week Within the digital asset industry, the rising prevalence o...

DeFi lending platform Tender.fi sees $1.59 million of assets drained by alleged white hat hacker taking advantage of a misconfigured oracle. An alleged ethical hacker has drained $1.59 million from the decentralized finance (DeFi) lending platform Tender.fi, leading the service to halt borrowing while it attempts to recoup its assets. Web3-focused smart contract auditor CertiK and blockchain analyst Lookonchain flagged an exploit that saw funds drained from the DeFi lending protocol on March 7. Tender.fi confirmed the incident on Twitter, citing ‘an unusual amount of borrows’ through the protocol: We are investigating an unusual amount of borrows that came through the protocol- in the meantime, we have paused all borrowing. Thank you for your patience. — Tender.fi (@tender_fi) March 7, 2023 The latest update from the platform claims that a white hat hacker has made contact, and discussions are underway to recoup assets taken during the exploit. White hat hackers are also known...