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Final week, one other main quake shook crypto markets. Silvergate Financial institution — a crypto-fiat gateway community for monetary establishments and a big on-ramp for cryptocurrencies in the USA — shut down operations attributable to liquidity issues.
A few days later, one other Federal Deposit Insurance coverage Company-insured establishment, Silicon Valley Financial institution (SVB), was shut down by California’s monetary watchdog. The financial institution offered monetary companies to a number of crypto-focused enterprise corporations, together with Andreessen Horowitz and Sequoia Capital, with (USDC) issuer Circle holding round 20% of its reserves with the financial institution. Following the information, USDC depegged and misplaced over 10% of its worth in 24 hours.
Biden price range proposes 30% tax on crypto mining electrical energy utilization
Stablecoins and Ether are ‘going to be commodities,’ reaffirms CFTC chair
China declares plans for a brand new nationwide monetary regulator
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