Block Journal
No Result
View All Result
  • Login
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
Magazine
Newsletter
  • Trending Now
  • Bitcoin
  • Altcoin
  • Ethereum
  • Analysis
  • Blockchain
  • Metaverse
  • NFT
  • DeFi
  • Web3
  • GameFi
  • ICO
  • Legal
  • Security
Block Journal
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
No Result
View All Result
Block Journal
No Result
View All Result
  • News
  • Crypto
  • Markets
  • Investing
  • Videos
  • Charts
Home News

BTC, USDC Soar After Government Promises to Rescue All Silicon Valley Bank Depositors

News Room by News Room
March 13, 2023
in News
Reading Time: 2 mins read
0 0
A A
0

The U.S. government’s biggest financial regulators released a joint statement on Sunday promising to save every last depositor at Silicon Valley Bank (SVB) – even those not fully covered by standard federal deposit insurance. 

In response to the news, both Bitcoin and USDC are quickly returning to their price levels from before the bank’s collapse. 

  • The Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation jointly announced that every depositor would be able to access their money by Monday, March 13. Taxpayers will shoulder expenses as part of the resolution. 
  • Conversely, shareholders and “certain unsecured debtholders” will not be protected. Senior management has also been removed from their roles. 
  • “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” read the statement. 

  • A wide array of business leaders called on the government over the weekend to stem contagion from SVB’s failure, ranging from Bill Ackman to Mark Cuban. Stablecoin issuer Circle – which had $3.3 billion of its USDC reserves within the firm – called for similar action.
  • Jeremy Allaire, CEO of Circle, has confirmed that all USDC reserves are now secure and that SVB’s former reserves will now be transferred to BNY Melon. “Liquidity operations for USDC will resume at banking open tomorrow morning,” he added. 
  • USDC now trades for $0.9943, almost back to its intended $1 peg price, after losing the peg on Friday when Circle revealed its exposure to SVB. 
  • Bitcoin also pumped in light of the news, now back above $22,000 for the first time since Thursday.



Read the full article here

ShareTweetSharePinShareShareSend

Related News

News

Brazil minister says oil and green ambitions are not contradictory

September 27, 2023
CIA to build its own ChatGPT-style AI bot for investigations: Report
News

CIA to build its own ChatGPT-style AI bot for investigations: Report

September 27, 2023
Binance to Leave Russia With Business Sale to Crypto Exchange CommEx
News

Binance to Leave Russia With Business Sale to Crypto Exchange CommEx

September 27, 2023
News

UK regulator to launch review of private market valuations

September 27, 2023
Binance still struggling to find banking partner in France: Report
News

Binance still struggling to find banking partner in France: Report

September 27, 2023
Navigating the Crypto Landscape: From Ethereum and Solana to the New Frontier of Bitcoin Spark
News

Navigating the Crypto Landscape: From Ethereum and Solana to the New Frontier of Bitcoin Spark

September 27, 2023
News

European and Asian stocks rise on improved China industrial data

September 27, 2023
Mixin Network offers $20M bug bounty to hackers in $200M hack
News

Mixin Network offers $20M bug bounty to hackers in $200M hack

September 27, 2023
Reversal of SBF’s Bail Requested Over Caroline Ellison Diary Leak
News

Evidence Guidelines for SBF’s Trial Released

September 27, 2023

Discussion about this post

Latest News

Gold Price Forecast: XAU/USD continues to juggle above $1,900 despite US Inflation softens

Gold price drops to one-month low as US Dollar strengthens further

September 27, 2023
Amazon declines to comment on report of bid interest in UK’s Ocado

Midday movers: Amazon, Tesla, United Natural Foods and more

September 27, 2023
U.K property shares slip after Jefferies work-from-home downgrade

U.K property shares slip after Jefferies work-from-home downgrade

September 27, 2023
Can Bitcoin Overtake Other Means of Payments in 2024?

Can Bitcoin Overtake Other Means of Payments in 2024?

September 27, 2023
Curve founder Michael Egorov settles entire debt position on Aave

Curve founder Michael Egorov settles entire debt position on Aave

September 27, 2023
ADVERTISEMENT

Popular

  • Fed’s Williams: Expects inflation to decline to around 3.25% this year

    Fed Preview: Forecasts from 15 major banks, a pause, but the end of rate hikes?

    0 shares
    Share 0 Tweet 0
  • Galaxy Digital Eyes European Expansion With New Regional CEO

    0 shares
    Share 0 Tweet 0
  • Former Alameda Engineer Exposes Firm’s Role in Bitcoin’s 87% Plunge in 2021

    0 shares
    Share 0 Tweet 0
  • Rite Aid plans to shut down hundreds of stores in bankruptcy – WSJ

    0 shares
    Share 0 Tweet 0
  • Vitalik Buterin Moves More Ethereum, ETH Price Drops Below $1600

    0 shares
    Share 0 Tweet 0
Block Journal

Block Journal is the world’s leading source in blockchain news and updates. Follow us to stay up-to-date with all you need to know in web3.

LEARN MORE »

Recent Posts

  • Gold price drops to one-month low as US Dollar strengthens further
  • Midday movers: Amazon, Tesla, United Natural Foods and more
  • U.K property shares slip after Jefferies work-from-home downgrade

Trending Topics

AI Altcoin Analysis Bitcoin Blockchain Commodities Crypto DeFi Ethereum Forex Futures GameFi ICO Interview Investing Legal Markets Metaverse News NFT Security Stocks Uncategorized Videos Web3

Get Informed

The most important crypto and finance news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • About
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Copyright © 2023 Block Journal - Created by Sawah Solutions.

No Result
View All Result
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine

Copyright © 2023 Block Journal - Created by Sawah Solutions.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.