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Biden Pressures US Regulators To Make Bank Rules More Stringent – Good For Crypto?

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The crypto industry and the banking sector are closely correlated, with many crypto exchanges using banks to hold funds and process transactions.

Changes in banking regulations can impact the crypto industry, which has been seeking greater legitimacy and integration with traditional financial systems.

United States President Joe Biden is stepping up pressure on federal banking regulators to tighten rules for regional banks and require institutions with the same size as Silicon Valley Bank to maintain a greater amount of liquid assets while undergoing more frequent stress tests.  Read more...

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More Than 80 Crypto Firms Plan to Launch In Hong Kong, Financial Secretary

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Hong Kong, an administrative region of China, has gradually expanded its crypto industry. The city aims to create a robust crypto environment to position it as a prominent hub for crypto and Web3 interactions.

The city’s outstanding performance has attracted several crypto firms to expand their business into the region. The Financial Secretary of Hong Kong reports that over 80 virtual assets companies seek to establish their businesses in the city.  Read more...

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SVB Analysis Shows More Than 186 US Banks Might Still Collapse

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The banks that collapsed recently faced diverse challenges that affected their operations. For instance, Silvergate faced multiple regulatory actions due to its dealings with the bankrupt FTX exchange, its founder Sam Bankman-Fried and its sister company Alameda Research. It also cited the 2022 bearish market as part of the challenges that made it insolvent.

On the other hand, Silicon Valley Bank failed due to many losses in its operations and other factors. Signature Bank also faced challenges it couldn’t handle, leading to state intervention. 

Apart from these three banks, economists have discovered more than 186 banks in the United States are already positioned to crash.   Read more...

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Bitcoin Jump Above $25,000 Has Sent 2.7M More Coins Into Profits

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On-chain data shows around 2.7 million more coins have entered a state of profit following Bitcoin’s jump above the $ 25,000 level.

65% Of The Adjusted Bitcoin Supply Is Now In The Green

According to data from the on-chain analytics firm Glassnode, an additional 20% of the adjusted supply is now enjoying profits. The relevant indicator here is the “percent supply in profit.” As its name already implies, it measures the percentage of the total circulating Bitcoin supply currently holding unrealized gains.  Read more...

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Silicon Valley Bank Collapse Hammers Dogecoin Price Down 11% – More Pain For DOGE?

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The cryptocurrency market has seen a decline in the value of Dogecoin (DOGE) as massive amounts of fear, uncertainty, and doubt swept across the market after Silicon Valley Bank collapsed on Friday morning as a result of a bank run and a capital crisis precipitated the second-largest failure of a financial institution in the history of the United States.

The collapse of crypto-friendly bank, Silvergate, has also triggered market sell-offs with the market cap of top meme tokens down by nearly 11% in the 24-hour period. The trading volume of DOGE has surged by almost 30%, indicating an impending intense market sell-off.  Read more...

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Why Meta Is Reportedly Planning To Sack More Employees This March

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Last November, Facebook’s parent company, Meta, undertook its largest-ever downsizing, laying off more than 11,000 employees. It appears, however, that other staff will soon be given the pink slip.

The Financial Times reported on Saturday that Meta Platforms has put off finalizing the budgets of numerous teams as the company contemplates a new round of layoffs.

Meta Feeling The Pinch Of Rising Expenses

The impending terminations are part of CEO Mark Zuckerberg’s strategy to reduce expenses. According to three current and former employees of Meta who requested anonymity, layoffs are anticipated to occur in March, as the firm is now conducting employee performance appraisals.  Read more...

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CME Big Boss Terry Duffy Sees More Growth Amid Crypto Sell-Off

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The crypto market suffered in 2022 as many assets fell from their 2021 all-time highs. The bearish trend reduced people’s confidence in digital assets resulting in a panic sell-off of tokens. However, some investors saw the bearish trend as an opportunity to accumulate digital assets and earn later. 

In a recent development, the CEO of CME, Terry Duffy, spoke on the positive business flow for his company amid the devastating condition of the crypto market. Also, he highlighted the effects of continuous hikes in the interest rates by the US Federal Reserve.   Read more...

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Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?

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Today is Groundhog Day in the United States — a day when locals gather around “Punxsutawney Phil” to watch if he sees his shadow, which is a superstitious sign that there is six more weeks of winter ahead. 

Bitcoin and altcoins are suddenly soaring since the start of the year, after what has been one of the longest crypto winters on record. But could Punxsutawney Phil’s prediction today also mean another six months of crypto winter?

The Strange Story Of Groundhog Day

The origins of Groundhog Day date back thousands of years. In early Celtic calendars, rather than seasons and solstices there were so-called “turning points.”  Read more...

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EU Imposes Stricter And More Extensive Crypto Regulations For Banks

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European Union lawmakers have agreed to several changes, including stricter new requirements for banks dealing with crypto and digital assets.

The European Parliament’s Economic and Monetary Affairs Committee has voted on the matter that will put these restrictions in place.

This measure was taken to limit the number of unbacked loans with Bitcoin (BTC) and Ethereum (ETH) that lenders could hold in front of the European Commission. Cross-party compromises will require banks to hold more capital to protect customers against crypto losses.  Read more...

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Bitcoin Holders To Expect More Difficulties As Data Point To Looming BTC Price Drop

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Bitcoin, following the implosion of crypto exchange FTX, continues to struggle not only in terms of its trading price but also in its profitability.

It can be recalled that the company, back in November 2022, moved to file Chapter 11 bankruptcy in a U.S. county court, and collapsed in just a matter of days.

Bitcoin, being the main driving force of the crypto market, was greatly affected by this unfortunate development and eventually exited 2022 with a value that was significantly lesser than what it had back in 2021.  Read more...

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Tesla And Bitcoin Have ‘More In Common Than You Think,’ This Nobel Prize Winner Says

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Nobel Laureate Paul Krugman has joined the ranks of the world’s intellectuals and business moguls to give the thumbs-down to cryptocurrency.

Last June, the American economist drew parallels between the cryptocurrency craze and the real estate bubble of the mid-2000s, stating that consumers’ belief in crypto assets is comparable to their enthusiasm in the US home market prior to its collapse.

Fast forward six months, Krugman has compared the crypto to Tesla and its stocks.

On Tuesday, Krugman wrote an opinion piece in the New York Times regarding Tesla, bitcoin, and their massive market prices.

In his article, he inquired:  Read more...

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Ethereum Exchange Reserves Decline By More Than 30% In 2022

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On-chain data shows investors withdrew a large amount of Ethereum during 2022 as the ETH reserves have fallen by more than 30%.

Ethereum Exchange Reserves Sharply Down This Year

As pointed out by an analyst in a CryptoQuant post, these investors may have been withdrawing with the aim of holding in the long term. The “exchange reserve” is an indicator that measures the total amount of Ethereum currently being stored in the wallets of all centralized exchanges.  Read more...

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The Crypto Contagion Intensifies With More Dominoes To Fall

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A look into the next potential dominoes in the crypto native contagion, along with a comparison of the recent historic levels of withdrawals.

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.  Read more...

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There Is Potential For More Capitulation From Bitcoin Miners

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More announcements from public bitcoin miners on potential capitulation. Debt needs to be paid and cash is tight due to high hash rate and a low bitcoin price.

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.  Read more...

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Finding A More Optimistic Future With Bitcoin

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Bitcoin is a beacon of hope in a world of uncertainty and despair. By having a monetary constant, people can focus on things that really matter.

This is an opinion editorial by Leon Wankum, one of the first financial economics students to write a thesis about Bitcoin in 2015.

Prologue

This article is the second in a series in which I aim to explain some of the benefits of utilizing bitcoin as a “tool.” The possibilities are endless. I selected three areas where bitcoin has helped me. This article describes how bitcoin has made me more optimistic about the future because it allowed me to efficiently manage my money and build savings. I’ve developed a lower time preference, meaning I value the future more, which leads me to act more mindfully in the present. All of this has had a positive impact on my mental health.  Read more...

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Crypto Wallet BitKeep Hacked, Loses More Than $1 Million

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The crypto wallet, BitKeep, has recently been attacked by hackers. Asia’s most popular cryptocurrency wallet is BitKeep Wallet.

According to a tweet from PeckShield, a blockchain security and data analytics company, the amount disclosed exceeded $ 1 million.

BitKeep has, however, quickly informed all its users about the unfortunate hack. It also mentioned that the development team is working hard to locate and contain the reach of the hacker.

The hackers have drained the wallet and exploited the swap feature.  Read more...

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Should Bitcoin Maximalists Trade To Get More Bitcoin?

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Acquiring bitcoin by any means necessary is not a moral stance. Trading altcoins in order to stack more sats does not fit with Bitcoin Maximalism.

This is an opinion editorial by Will Schoellkopf, author of “The Bitcoin Dog,” and host of the “It’s So Early!” Bitcoin podcast.

When it comes to stacking sats, the ends do not justify the means.  Read more...

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Singapore’s Largest Bank Expands Bitcoin, Crypto Trading To 100,000 More Clients

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Following the release of Singapore’s digital asset framework, the country’s largest bank expanded its members-only digital exchange to 100,000 more clients.

  • DBS Group Holdings expands bitcoin and crypto trading to 100,000 of its wealthiest clients.
  • The bank requires capital requirements and a minimum investment of $ 500.
  • The expansion follows the central bank of Singapore’s release of a digital asset framework from earlier this month.

DBS Group Holdings Ltd., Singapore’s largest bank, expanded its bitcoin and cryptocurrency trading services on its members-only exchange to an additional 100,000 of its wealthiest clients, per a report from Bloomberg.  Read more...

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