Crypto market Live News : HSBC Acquired SVB, Ethereum and Filecoin Price Surge & More…
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Hello Readers! Have you heard the news about Silicon Valley Bank UK being bought by HSBC? It's been causing quite a stir in the Bitcoin industry lately.
HSBC CEO, Noel Quinn, sees great value in acquiring SVB UK for HSBC's UK business, and they acquired it for a purchase price of £1. The UK government and Bank of England helped facilitate a private sale of the collapsed SVB UK to HSBC, with deposits protected and no taxpayer support provided. SVB UK held loans of around £5.5 billion, deposits of over £6.7 billion, and tangible equity of around £1.4 billion.
The collapse of SVB UK had a significant impact on the digital asset market, with Bitcoin dropping 10% in a day, but fortunately, it has rebounded by 10% in the last 24 hours. It'll be interesting to see how the acquisition will affect the Bitcoin industry moving forward.
In other news, Ethereum's price has risen over 9% amidst the green market recovery from crypto bank crashes. The crypto market cap has reached 1.03 trillion USD as Ethereum and Bitcoin prices surge. Ethereum's price has climbed 8.68% in the last 24 hours with increased trading volume, and it's establishing a strong foundation as its price rises above resistance levels and prepares for the Shanghai Upgrade.
And have you heard about Filecoin's recent gains? It gained 25% in value with FVM release and Binance endorsement. Binance has announced its support for Filecoin's network upgrade "Network v18 Hygge," temporarily suspending deposits and withdrawals of FIL. FVM brings smart contracts and interoperability with Ethereum Virtual Machine (EVM) to the Filecoin blockchain, unlocking potential for an open data economy and DeFi.
But not all news in the crypto industry is good news. The court cases involving SEC and major crypto industry enterprises, Voyager Digital, Alameda Research, and Binance US, continue to progress in 2023. Voyager Digital filed for bankruptcy, leading to the auction of its assets, which FTX won. Alameda Research opened a lawsuit against Voyager Digital for $446 million, claiming that Voyager channeled customer funds to Alameda. FTX, FTX US, and Alameda Research filed for Chapter 11 bankruptcy, leading to the SEC questioning its oversight strategies for the crypto industry. The SEC also filed an objection to Binance US's acquisition of Voyager Digital assets, leading to an appeal from the U.S. Department of Justice. With bankruptcy, liquidity issues, and fraud causing the crypto industry to fall under the microscope of regulators worldwide, the situation between these three entities in relation to lawmakers and regulators in the U.S. is ongoing.
Lastly, lawmakers are demanding accountability from the Fed and FDIC over Silicon Valley Bank's collapse. They recently held a meeting with the Federal Reserve and FDIC to discuss the failure of Silicon Valley Bank, the second largest bank failure in US history. Other crypto-friendly banks, including Silvergate and Signature Bank, have experienced negative impacts following SVB's collapse. Several major crypto companies, including Circle and BlockFi, reveal exposure to Silicon Valley Bank's collapse, resulting in financial losses. It's definitely a situation to keep an eye on.
For the latest news on the cryptocurrency industry. check out Coinpediaofficial website...
Crypto market Live News : HSBC Acquired SVB, Ethereum and Filecoin Price Surge & More…
Crypto market Live News : HSBC Acquired SVB, Ethereum and Filecoin Price Surge & More…
Crypto market Live News : HSBC Acquired SVB, Ethereum and Filecoin Price Surge & More…
Hello Readers! Have you heard the news about Silicon Valley Bank UK being bought by HSBC? It's been causing quite a stir in the Bitcoin industry lately.
HSBC CEO, Noel Quinn, sees great value in acquiring SVB UK for HSBC's UK business, and they acquired it for a purchase price of £1. The UK government and Bank of England helped facilitate a private sale of the collapsed SVB UK to HSBC, with deposits protected and no taxpayer support provided. SVB UK held loans of around £5.5 billion, deposits of over £6.7 billion, and tangible equity of around £1.4 billion.
The collapse of SVB UK had a significant impact on the digital asset market, with Bitcoin dropping 10% in a day, but fortunately, it has rebounded by 10% in the last 24 hours. It'll be interesting to see how the acquisition will affect the Bitcoin industry moving forward.
In other news, Ethereum's price has risen over 9% amidst the green market recovery from crypto bank crashes. The crypto market cap has reached 1.03 trillion USD as Ethereum and Bitcoin prices surge. Ethereum's price has climbed 8.68% in the last 24 hours with increased trading volume, and it's establishing a strong foundation as its price rises above resistance levels and prepares for the Shanghai Upgrade.
And have you heard about Filecoin's recent gains? It gained 25% in value with FVM release and Binance endorsement. Binance has announced its support for Filecoin's network upgrade "Network v18 Hygge," temporarily suspending deposits and withdrawals of FIL. FVM brings smart contracts and interoperability with Ethereum Virtual Machine (EVM) to the Filecoin blockchain, unlocking potential for an open data economy and DeFi.
But not all news in the crypto industry is good news. The court cases involving SEC and major crypto industry enterprises, Voyager Digital, Alameda Research, and Binance US, continue to progress in 2023. Voyager Digital filed for bankruptcy, leading to the auction of its assets, which FTX won. Alameda Research opened a lawsuit against Voyager Digital for $446 million, claiming that Voyager channeled customer funds to Alameda. FTX, FTX US, and Alameda Research filed for Chapter 11 bankruptcy, leading to the SEC questioning its oversight strategies for the crypto industry. The SEC also filed an objection to Binance US's acquisition of Voyager Digital assets, leading to an appeal from the U.S. Department of Justice. With bankruptcy, liquidity issues, and fraud causing the crypto industry to fall under the microscope of regulators worldwide, the situation between these three entities in relation to lawmakers and regulators in the U.S. is ongoing.
Lastly, lawmakers are demanding accountability from the Fed and FDIC over Silicon Valley Bank's collapse. They recently held a meeting with the Federal Reserve and FDIC to discuss the failure of Silicon Valley Bank, the second largest bank failure in US history. Other crypto-friendly banks, including Silvergate and Signature Bank, have experienced negative impacts following SVB's collapse. Several major crypto companies, including Circle and BlockFi, reveal exposure to Silicon Valley Bank's collapse, resulting in financial losses. It's definitely a situation to keep an eye on.
For the latest news on the cryptocurrency industry. check out Coinpedia official website...