Category Archives: Bitcoin

Chair of EU Parliament’s Committee on Budgets Calls for Crypto … – Bitcoin News

Written by admin on March 20, 2023 — Leave a Comment

A European lawmaker has urged authorities to impose a ban on cryptocurrencies citing the current crisis in the banking sector as a reason. Johan Van Overtveldt, former finance minister of Belgium, believes these assets bring no economic or social value.

Member of the European Parliament, Johan Van Overtveldt, has insisted that governments should prohibit cryptocurrencies like bitcoin. His call comes amid a crisis sparked by the failure of several banking institutions, including two crypto-friendly banks in the U.S.

Another lesson to be learned from the current banking commotion. Enforce a strict ban on cryptocurrencies, the lawmaker, who has previously praised blockchain technology, tweeted on Friday. Speculative poison and no economic or social added value. If a government bans drugs, it should also ban cryptos, he argued.

Van Overtveldt is a Belgian journalist and politician from the New Flemish Alliance (N-VA) party, who served as his countrys minister of finance between 2014 and 2018, in the government of Prime Minister Charles Michel.

He was elected to the European Parliament in 2019 where he has been chairing the Committee on Budgets and represents the European Conservatives and Reformists (ECR) group in the Committee on Economic and Monetary Affairs (ECON).

ECR is a soft Eurosceptic, anti-federalist political group in the EUs legislature. Free enterprise, minimal regulation, lower taxation, along with small government as the ultimate catalysts for individual freedom and personal and national prosperity are among its founding principles.

Overtveldts statement regarding cryptocurrencies follows the collapse of three U.S. banks, two of which were involved in the crypto space, Silvergate Bank and Silicon Valley Bank. The consequences of these failures reached Europe, affecting Credit Suisse, a major investment bank on the Old Continent.

Europe is yet to comprehensively regulate its crypto economy by enforcing a legislative package called Markets in Crypto Assets (MiCA). EU institutions and member states agreed on the proposal last summer. It introduces rules for crypto service providers across the 27-strong bloc.

Do you think Johan Van Overtveldt has a reason to make a call for a crypto ban? Tell us in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchenss quote: Being a writer is what I am, rather than what I do. Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Chair of EU Parliament's Committee on Budgets Calls for Crypto ... - Bitcoin News

Bitcoin, Ether, other crypto gain with equities amid global fund … – Yahoo Finance

Written by admin on March 20, 2023 — Leave a Comment

Bitcoin rose in Friday morning trading in Asia to near the US$25,000 mark. Ether and the rest of the top 10 non-stablecoin cryptocurrencies also gained as global equity markets stabilized following moves by authorities in the U.S. and Europe to backstop banks with cash after a series of failures in the industry this past week threatened to spread. BNB led the crypto winners as a U.S. court overruled government objections and approved the Binance US$1 billion deal to buy bankrupt crypto lender Voyager.

See related article: US, Germany shut ChipMixer for alleged ties to US$3 bln crypto laundering

Bitcoin rose 2.75% in the past 24 hours to US$24,973 at 09:00 a.m. in Hong Kong, according to CoinMarketCap data. The worlds biggest cryptocurrency jumped 24% over the past seven days, the largest gain among the top 10 non-stablecoin cryptocurrencies by market capitalization. Some commentators argue Bitcoin acted as a safe haven for investors as bank failures shook global equity markets this week.

Ether edged up 1.32% to trade at US$1,668, a gain of 17% for the past seven days.

BNB, the native token of the Binance crypto exchange, led the winners on Friday with a 7.56% jump to US$327.98. A U.S. court judge on Wednesday rejected the governments appeal to block a US$1 billion offer by Binance U.S. to buy the assets of the failed Voyager platform. The token added 19.51% for the seven-day-period.

Polygons Matic token climbed 2.88% to US$1.14, logging a weekly gain of 14.04%. Salesforce, one of the worlds biggest enterprise software firms with a market cap of more than US$150 billion, has entered a partnership with Polygon blockchain to help its clients build non-fungible token-related (NFT) programs, according to a tweet by Polygon Labs on Thursday. Saleforce previously launched a suite of customer relationship management tools for Web3 developers.

The total crypto market capitalization rose 1.91% in the past 24 hours to US$1.08 trillion. Total trading volume over the last 24 hours fell 25.30% to US$61.92 billion.

U.S. equities closed higher in a relief rally on Thursday. The Dow Jones Industrial Average moved up 1.17%, the S&P 500 rose 1.76%, and the Nasdaq Composite Index jumped 2.48%.

The gains in equities came after Credit Suisse on Thursday said it would borrow up to 50 billion Swiss francs (US$54 billion) from the Swiss National Bank to shore up liquidity. On the U.S. side, 11 U.S. financial institutions injected US$30 billion into First Republic Bank on Thursday after the banks share price fell sharply on fears of a bank run.

The U.S. Treasury Secretary Janet Yellen told Congress on Thursday that the U.S. banking system remains sound, and the Federal Reserve is providing additional support to the banking system with a new lending facility.

On the inflation front, the U.S. Department of Labor on Thursday reported a drop inunemployment benefit claims in the week ending March 11 that was more than expected, indicating a strong labor market that supports the view the Federal Reserve will raise interest rates again this month.

U.S. interest rates are between 4.5% to 4.75%, the highest since October 2007. Analysts at the CME Group expect a 79.7% chance the Fed will raise rates by 25 basis points this month. The chance of no rate increase is at 20.3%, down from 45.4% on Thursday.

The U.S. consumer price index (CPI) rose 6% on year in February, a deceleration from 6.4% in January, but still well above the Feds goal to keep annual inflation below 2%.

U.S. stock futures traded flat to lower as of 9:00 a.m. in Hong Kong, with the Dow Jones Industrial Average futures off 0.14%. The S&P 500 futures dipping 0.11%, while the Nasdaq Composite Index treaded water with a dip of 0.03%.

See related article: Ripple executives say XRP lawsuit ruling will have little impact on global business operations

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Bitcoin, Ether, other crypto gain with equities amid global fund ... - Yahoo Finance

FDIC Delays SVB Bidding As Banking Crisis Continues, Bitcoin Price To $30K? – CoinGape

Written by admin on March 20, 2023 — Leave a Comment

The Federal Deposit Insurance Corp (FDIC) on Monday said it is extending the bidding process for Silicon Valley Bank (SVB) to simplify the bidding process after receiving substantial interest from multiple potential buyers.

According to a press release on March 20, the Federal Deposit Insurance Corporation (FDIC) said it needs more time to maximize value and a better outcome for depositors amid significant interest from multiple parties. Therefore, the FDIC has extended the bidding process for Silicon Valley Bank.

FDIC will allow participants to submit separate bids for Silicon Valley Bridge Bank and its subsidiary Silicon Valley Private Bank. FDIC will allow bidders to submit their bidding on Silicon Valley Private Bank by March 22 and seek bids for on Silicon Valley Bridge Bank by March 24.

Silicon Valley Bridge Bank is currently operating as a nationally chartered bank. Depositors are not impacted and can continue to access their money through Silicon Valley Bridge Bank.

Vendors and counterparties with contracts with the bridge bank are legally obligated to continue to perform under the contracts. Silicon Valley Bridge Bank, N.A., has the full ability to make timely payments to vendors and counterparties and otherwise perform its obligations under the contract.

The bridge bank was set up by the FDIC on March 13 to take receivership of SVBs assets and liabilities. SVB Private Bank includes the remnants of Boston Private, the wealth-oriented bank SVB acquired in 2021.

The crypto market rebounded after the banks Silvergate, Silicon Valley Bank, and Signature Bank were closed by the regulators. Bitcoin and Ethereum prices are currently trading above $28,000 and $1800, respectively.BTC priceis up 4% in the last 24 hours, with 24-hour low and high of $27,196 and $28,527, respectively. Meanwhile, theETH priceis stable and trading sideways in the last 24 hours.

Shares of banks and bonds fell on Monday as UBS Group AGs acquisition of Credit Suisse fails to calm investors fear, with the banking crisis deepening. UBS shares fell over 7% while Credit Suisse plunges over 60% on March 20. Shares of other banks including HSBC, ING Groep, Societe Generale, Deutsche Bank, Commerzbank, and BNP Paribas also fell sharply.

The banking crisis has led to buying pressure on Bitcoin, with investors removing their money from banks and investing in Bitcoin and Gold.

Also Read: Bear Market Officially Over? Bitcoin Futures Open Interest Hits New Yearly High

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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FDIC Delays SVB Bidding As Banking Crisis Continues, Bitcoin Price To $30K? - CoinGape