Day: March 18, 2023

The CEO of Blackrock, the world’s largest asset manager, has warned about additional bank seizures and shutdowns that could result from regulatory changes in response to the failures of several major banks in the U.S. “It does seem inevitable that some banks will now need to pull back on lending to shore up their balance sheets, and we’re likely to see stricter capital standards for banks,” he added. Blackrock’s Chief on More Bank Seizures, Shutdowns Larry Fink, the chairman and CEO of Blackrock, the world’s largest asset manager, shared his…

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After Credit Suisse Group AG announced it would borrow 50 billion Swiss francs from the Swiss National Bank, UBS Group AG is reportedly considering acquiring the banking giant. However, UBS is requesting that the government issue a backstop to protect against any losses if it purchases Credit Suisse. According to unnamed sources familiar with the matter, UBS, which is the world’s largest private bank, wants the government to safeguard the deal. Credit Suisse’s Troubles Deepen as UBS Considers Takeover Amidst Banking Industry Challenges There are many deals happening behind the…

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At the start of the week, a troy ounce of .999 fine gold was trading at $1,813 per unit. Seven days later, gold rose 9.65% against the U.S. dollar to the current spot price of $1,988 per ounce. Gold’s rise comes at a time when confidence in the global banking system is at an all-time low, and five major banks have received bailouts. An ounce of fine silver also increased in value, rising more than 12% from $20.01 to $22.59 per ounce this week. Gold and Silver Prices Surge Amid…

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Amidst the chaos in the U.S. banking sector, Elon Musk, the CEO of Tesla and owner of Twitter, has been critical of the country’s central bank. Musk insists that the U.S. Federal Reserve is operating with “way too much latency in their data,” and he insists that the central bank needs to drop the federal funds rate “immediately.” Musk’s Criticism of the Federal Reserve’s Data Latency; Study Shows 186 U.S. Banks Suffer From Financial Risks In the last week, three major U.S. banks collapsed, First Republic Bank was bailed out,…

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According to a presentation recently submitted by the FTX debtors on March 16, Sam Bankman-Fried’s companies had a $6.8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its conglomerate of firms have debts of around $11.6 billion, including customer claims and various other liabilities. FTX’s $6.8 Billion Gap The FTX debtors have released a third presentation that provides an overview of FTX’s debts and liabilities. The presentation reveals that, while a significant amount of money is owed to customers, FTX and…

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Ethereum classic rose by as much as 12% in today’s session, as cryptocurrency markets rallied to start the weekend. The global market cap is trading over 3% higher at the time of writing, as investors continue to buy crypto following the recent banking crisis. Solana was also higher in today’s session. Ethereum Classic (ETC) Ethereum classic (ETC) rose by as much as 12% in today’s session, as traders continued to pump cryptocurrencies. Following a low of $19.14 on Friday, ETC/USD moved to a high of $22.46 to start the weekend.…

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Ethereum rose above $1,800 for the first time since August, as markets continued to react to the Fed’s decision to inject $300 billion into the economy. This comes following the recent banking crisis, which saw the likes of Silicon Valley Bank collapse. Bitcoin neared $28,000 in today’s session. Bitcoin Bitcoin (BTC) closed in on the $28,000 level to start the weekend, as markets continued to react to the Federal Reserve’s decision to pump liquidity into the U.S. economy. BTC/USD jumped to an intraday high of $27,787.81 earlier in the day,…

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One of Africa’s fintech giants, Chipper Cash, is said to be weighing the possibility of selling the business or bringing in new investors. According to the CEO of the FTX and Silicon Valley Bank-backed fintech startup, Chipper Cash had insignificant exposure to both SVB and Signature Bank. Chipper Cash ‘Never Sought to Be Acquired’ The FTX and Silicon Valley Bank (SVB) backed-African fintech giant, Chipper Cash, is weighing options including the sale of the business or bringing in new investors, a Bloomberg report that cites unnamed sources has said. According…

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Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency. Russian State Duma Passes Digital Ruble Draft Law on First Reading The lower house of Russian parliament, the State Duma, has adopted in the first reading a bill introducing legislative changes necessary for the realization of the digital ruble project. Most notably, it seeks to amend the law…

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The organization representing Russia’s crypto sector has asked the government in Moscow to clarify a proposal to introduce criminal liability for “gray” miners. The draft legislation seeks to punish those who fail to report their income to the state and share information about their digital assets. Crypto Companies in Russia Want to Take Part in Ongoing Regulatory Efforts The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has asked Finance Minister Anton Siluanov to explain a proposal made by his department to introduce penalties for cryptocurrency miners violating the…

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