Last week, another major quake shook crypto markets. Silvergate Bank — a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States — shut down operations due to liquidity problems.
A couple of days later, another Federal Deposit Insurance Corporation-insured institution, Silicon Valley Bank (SVB), was shut down by California’s financial watchdog. The bank provided financial services to several crypto-focused venture firms, including Andreessen Horowitz and Sequoia Capital, with (USDC) issuer Circle holding around 20% of its reserves with the bank. Following the news, USDC depegged and lost over 10% of its value in 24 hours.
Biden budget proposes 30% tax on crypto mining electricity usage
Stablecoins and Ether are ‘going to be commodities,’ reaffirms CFTC chair
China announces plans for a new national financial regulator
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