Top news of the week
Sam Bankman-Fried Petitions Court to Prioritize Reimbursement of Lawyer’s Fees
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Signing banks were shut down by New York regulators for not providing data
The crypto-friendly signatory bank was officially shut down on March 12 and handed over to the New York Department of Financial Services for “failure to provide consistent and reliable data.” The bank is being investigated by two US government agencies on whether it has taken appropriate steps to monitor and detect potential money laundering by its customers. Former US Congressman Bernie Frank has suggested that New York regulators have closed signatures as part of a show of power over crypto markets.
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USDC Bounces Towards $1 Peg After Fed Announcement
Circle’s stablecoin USD Coin (USDC) returns to the $1 peg following positive developments on Circle’s $3.3 billion worth of reserves held at Silicon Valley Bank and its new banking partners . USDC redemptions are now handled by Cross River Bank and BNY Mellon. The stablecoin was depegged from the US dollar on March 10 following the sudden collapse of SVB, triggering the depegging of many other stablecoins. The de-pegging of the stablecoin prompted an increase in weekend loan repayments, allowing debtors to save over $100 million on loans.
US Federal Reserve Announces $25 Billion Funding for Backstop Banks
Bitcoin Market Cap Upends Tech Giant Meta, Widening Gap With Visa
winner and loser
Bitcoin for the weekend (Bitcoin) is $27,571,ether (ethereum) and $1,823 and XRP and $0.38The total market capitalization is $1.18 trillion, according to Go to Coin Market Cap.
Among the 100 biggest cryptocurrencies, this week’s top 3 altcoin risers are Conflux (CFX) Mask network at 186.02% (mask) 120.56% and stuck (STX) at 102.97%.
UNUS SED LEO is this week’s top 3 altcoin loser (Leo) -2.22%, Tether (USDT) -0.35% and Binance USD (USD) -0.16%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
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Crypto PR: The Good, the Bad, and the Tinsel
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most memorable quotes
“The recent closure of financial institutions may present an opportunity for widespread adoption of cryptocurrencies.”
“We believe that the future of finance will be blockchain-enabled, and we are already witnessing rapid changes in the tokenization market.”
Drew BradfordExecutive General Manager, National Australia Bank Markets
“Massive adoption by mainstream businesses and their consumers is imminent, thanks to recent developments in scaling and privacy technology.”
Mark SmurgonCEO of Fuse Network
“Stop talking about blockchain/NFT/Play-to-Earn (P2E)/Metaverse/Web3. […] they [players] I just want a fun play experience, not a science class. ”
Peter BergstromFormer Producer of Age of Empires, CEO of BitBlock Ventures
“There will be a credit crunch in the US and globally. […] you wanna be long gold and silver […] And I want to go long Bitcoin. ”
Michael NovogratzFounder and CEO of Galaxy Digital
“I think regulators are using cryptocurrencies as scapegoats because they have failed to oversee traditional banking.”
Cathy WoodCEO of Arkinvest
Forecast for the week
Bitcoin price hits $27,000 for 9-month high as Federal Reserve injects $300 billion
Bitcoin hit a nine-month high on March 17 as the latest event in the US banking crisis boosted the crypto market. Cointelegraph Markets Pro and TradingView It showed BTC/USD reached $27,025 on Bitstamp before the consolidation. A new upswing catalyst came overnight in the form of Federal Reserve balance sheet data, which showed nearly $300 billion had been pumped into the economy as part of its response to the banking crisis. .
Cointelegraph contributor Michael van de Poppe, founder and CEO of trading firm Eight, looked up and down certain levels.
“Chopperno landing on Bitcoin probably means there is some sideways structure,” he wrote on Twitter. Next is $28 to $30,000.If you lose $26,000, punt about $25,000 long.Relatively straightforward.”
FUD of the week
Euler Finance hacked over $195 million in flash loan attack
Europol seized $46 million from crypto mixers after $2.88 billion was allegedly laundered.
FBI and NY Authorities Investigate TerraUSD Stablecoin Collapse
The US Department of Justice is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin, which contributed to the $40 billion wipeout of the Terra ecosystem last May. A former Terraform Labs staffer has been questioned by US agencies, including the FBI, in recent weeks. The investigation covers similar grounds to a lawsuit filed by the U.S. Securities and Exchange Commission against his Terraform Labs and its founder Do Kwon in February, including misleading investors.
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Crypto winter could take a toll on Hodler’s mental health
A relentless bear market, a series of high-profile criminal charges, and the downfall of credible institutions have taken their toll on those actively involved in the cryptocurrency industry.
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