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.
In the lawsuit, FTX said that Grayscale has been charging exorbitant management fees. They noted that “Grayscale’s actions have resulted in the Trusts’ shares trading at approximately a 50% discount to Net Asset Value”.
Mortgage rates jumped 7.1% Thursday following last week’s 28-year low decline in homeownership applications due to raging inflation.
The 2-year and 10-year Treasury yields rose following the recent 25-basis-points hike. The 2-year yield hit a high not seen since 2006.
The developers will now conduct the Shanghai upgrade on the Goerli testnet in the coming weeks. This will be the final dress rehearsal before implementing the upgrade on the Ethereum mainnet.
Despite the current outlook, a major resilience play might be in the works for the US stock market in the mid to long term.
In April, the World Bank will negotiate with shareholders on proposals that include a capital increase and new lending tools for climate-related initiatives.