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The outgoing week was rich in various events. Some cryptocurrency news can be noted that attracted the attention of analysts, users and traders of the crypto market. The main news of the outgoing week regarding cryptocurrencies are presented in the article.
Bitcoin price reaches new 9-month high of $27,000
Bitcoin price hits a new 9-month high of $27k as the Fed injects $300bn into the US financial system Cointelegraph Markets Pro and TradingView data showed that Bitcoin was able to break the $27,000 level.
The new growth was catalyzed by the Federal Reserve’s balance sheet data, which showed that nearly $300 billion had been injected into the economy in response to the banking crisis. The forecast for Bitcoin is favorable, at least for now.
Cryptocurrency and Bitcoin News: Bitcoin overtakes Visa in market capitalization
After the collapse of Silicon Valley Bank and Signature Bank, Bitcoin’s market capitalization exceeded that of Visa and other companies. On March 14, Bitcoin’s market capitalization reached $471.86 billion, according to Companies Market Cap. Bitcoin climbed to the 11th best asset by market capitalization, losing ground to electric car maker Tesla.
Bitcoin’s market capitalization has increased by more than $190 billion in 2023, outperforming Wall Street’s leading bank stocks, especially amid growing fears of a global banking crisis. It is expected that the growth of Bitcoin will continue further.
Among the top 100 cryptocurrencies, the top three growth altcoins of the week are Conflux (CFX) with 186.02%, Mask Network (MASK) with 120.56% and Stacks (STX) with 102.97%.
The three biggest altcoin losers of the week are UNUS SED LEO (LEO) down -2.22%, Tether (USDT) down -0.35% and Binance USD (BUSD) down -0.16%.
Sam Bankman-Fried claims insurance policies
According to a March 15 court filing, Sam Bankman-Fried (SBF) is trying to use FTX’s corporate insurance policies to cover his legal expenses. The move would place the former CEO at the top of FTX’s payout list.
Sam’s inner circle received $3.2 billion in payments and loans from organizations associated with FTX. In turn, FTX’s debtors reported $11.6 billion in claims and $4.8 billion in assets, which means a $6.8 billion hole in the exchange’s balance sheet.
Signature Bank shut down by New York regulators
Signature Bank was closed and turned over to the New York City Department of Financial Services on March 12 for “failing to provide consistent and reliable data.” Investigations were carried out against the bank to determine whether it had taken adequate measures to monitor and detect potential money laundering by its customers. Former member of the US House of Representatives Barney Frank suggested that regulators in New York closed Signature to show other crypto companies that banks would no longer bail them out.
USDC back to $1 peg after Fed announcement
USDC back to $1 peg after Fed announcement
Circle’s stablecoin, the USD Coin (USDC), returned to a $1 peg after events involving Circle’s $3.3 billion in reserves held at Silicon Valley Bank. USDC redemptions will now be handled by Cross River Bank and BNY Mellon. The stablecoin lost its peg to the US dollar on March 10 after the sudden collapse of the SVB, which caused many other stablecoins to depeg. The depegging of stablecoins caused an increase in loan payments over the weekend, saving debtors over $100 million in loans.
The US Federal Reserve announced the allocation of $ 25 billion to support banks
The Fed has announced that it is providing $25 billion to support banks. The Fed is investigating the bankruptcy of Silicon Valley Bank, including an internal investigation into how the Fed controlled and regulated the financial institution.
Euler Finance hacked into over $195 million in attack
The Eurler Finance lending protocol faced an attack on March 13th. The attacker carried out several transactions, stealing nearly $196 million in DAI and USDC stablecoins. The attack was named the biggest hack of 2023. Some of the stolen funds began to be transferred to the Tornado Cash crypto mixer shortly after the $1 million hacker identification bounty was launched. As of March 18, a small portion of the funds, $5.4 million, has been returned.
Europol seizes $46M from crypto mixer after $2.88B was allegedly laundered
Law enforcement agency Europol seized $46 million of ChipMixer’s assets for its alleged involvement in money laundering activities. The ChipMixer website was shut down and the four servers hosting the app were confiscated. Europol claims that ChipMixer has laundered over 152,000 BTC ($2.88 billion) since its inception in 2017.
FBI and New York authorities are investigating the collapse of TerraUSD
The US Department of Justice is reportedly investigating the collapse of TerraClassicUSD (USTC). Former Terraform Labs employees have been questioned by US agencies. The investigation relates to the same grounds as the lawsuit filed against Terraform Labs and its founder Do Kwon by the SEC.
Author: Vadim Gruzdev, analyst Freedman Сlub Crypto News
#Cryptocurrency #news #week