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After much thought, the ECB has increased interest rates by 50 basis points to stem sustainably high inflation.
The trio of the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corporation (FDIC) have been pledging support to depositors.
The Credit Suisse stock jumped by over 40% in Thursday’s opening trade as the %54 billion credit line extended by the Swiss National Bank comes as a major relief.
Fidelity Digital Assets expanded its crypto service to the public amid the collapse of Silvergate and Signature Bank.
The firm’s Chairman Axel Lehmann declined to comment on whether it will need assistance from the government in the future, he highlighted that the bank has no problems as it has good return capital ratios.
The 2-year and 10-year Treasury yields rose Tuesday as investors pondered the next Fed interest rate hikes.
With the collapse of SVB, many commentators have been echoing the phrase that no firm is “too big to fail.”
According to Goldman Sachs, the relief package that is currently being provided to distressed banks stops short of similar reliefs implemented during the 2008 financial crisis.
USDC stablecoin issuer Circle has a staggering $3.3 billion of its total reserves with the Silicon Valley Bank. Circle has promised to cover any shortfall using corporate resources as well as external capital if required.
Silicon Valley Bank operating as SVB Financial Group is seeing the worst of its days with its share price plunging by 23.52% in the Pre-Market, following a massive slump of 60.41% on Thursday.
Along with the Silvergate contagion, the negative sentiment on Wall Street has contributed further to a steep correction in the crypto market.
The proposed Biden budget plan would close the current harvesting loophole on crypto tax losses, reducing wash sales trading.
Crypto-friendly bank Silvergate has announced plans to shut down in an orderly manner and fully repay all deposits.
United States President Joe Biden is reportedly on track to propose a 5.7% increase to the salaries of Federal Government workers in the country.
Salesforce is planning to launch Einstein GPT with OpenAI to offer all users and organizations generative services improved by AI.