• Home
  • Politics
  • Sports
  • Trending
  • Entertainment
  • Book Reviews
  • Login
  • Register
Clever Read.
Advertisement
ADVERTISEMENT
No Result
View All Result
  • Home
  • Politics
  • Sports
  • Trending
  • Entertainment
  • Book Reviews
No Result
View All Result
Clever Read.
No Result
View All Result
Home Business

Over $70 bn wiped off global crypto market, Bitcoin drops below $20,000

Clever Read by Clever Read
March 13, 2023
in Business
0
Over  bn wiped off global crypto market, Bitcoin drops below ,000
14
SHARES
283
VIEWS

Over $70 bn wiped off global crypto market, Bitcoin drops below $20,000

Crypto Exchange Nuri GmbH Files For Insolvency In Germany
The collapse of three banks, including US-based giant Silicon Valley Bank (SVB), hammered the global crypto market in less than a week, wiping out more than $70 billion as Bitcoin plunged below $20,000 a coin.

On Monday, Bitcoin was hovering around $18,000 and Peter Schiff, CEO of Euro Pacific Capital, predicted that the world’s largest cryptocurrency would soon drop below $4,000.

Two crypto-friendly banks, Silvergate Capital and Signature Bank, collapsed last week, leaving behind billions of dollars belonging to crypto exchanges.

Signature Bank was closed by New York regulators and all of Signature Bank’s depositors were “made whole.”

As of December 31, 2022, Signature Bank had $88.59 billion in deposits and the New York Department of Financial Services has acquired the bank.

Leading crypto exchange Coinbase had $240 million in cash in Signature Bank.

“As of the close of business on Friday March 10, Coinbase had approximately $240m of corporate cash on hand at Signature. We expect to recover these funds in full, as stated by the FDIC,” the crypto exchange said in a tweet.

Circle, the company behind the USDC stablecoin, has been hit by the closure of Signature Bank.

Its CEO Jeremy Allaire said in a tweet that due to the closure of Signature Bank, “Signnet will no longer be able to process minting and redemption, relying on settlements through BNY Mellon”.

“Additionally, we will soon bring on board a new transaction banking partner with automated minting and redemption capabilities. We are committed to building robust and automated USDC clearing and balance operations,” he added.

Crypto giant Circle also sunk $3.3 billion into non-crypto bank SVB, which collapsed last week, sparking panic in the tech industry.

Bankrupt crypto lender BlockFi also has $227 million in funds tied up in SVB.

Top cryptocurrency exchanges Binance and Coinbase temporarily halted USDC stablecoin conversions after SVB’s collapse.

Another US traditional bank, Silvergate Capital, announced last week that it would “wind down its operations and voluntarily liquidate” its banking unit.

Interest rate hikes in the past year have adversely affected risk assets such as cryptocurrencies.

Previous Post

‘The Elephant Whisperers’ triumphs at Oscars 2023, director dedicates award to ‘motherland India’

Next Post

Same-Sex Marriage Issue Of “Seminal Importance”: Supreme Court

Clever Read

Clever Read

Related Posts

Adani Ports Shares Soar on Strong Q4 Results and Growth in Marine & Logistics Segments
Business

Adani Ports Shares Soar on Strong Q4 Results and Growth in Marine & Logistics Segments

by Clever Read
May 5, 2025
Ather Energy IPO Opens for Subscription: Key Details, Price Band, GMP, and Should You Invest?
Business

Ather Energy IPO Opens for Subscription: Key Details, Price Band, GMP, and Should You Invest?

by Clever Read
April 28, 2025
Sell Me This Pain: Story of the Sales Alchemist” by Charudattaa Kalle
Book Reviews

Sell Me This Pain: Story of the Sales Alchemist” by Charudattaa Kalle

by Clever Read
August 28, 2024
Starbucks’ New CEO To Supercommute 1,600 Km To Work On Corporate Jet
Business

Starbucks’ New CEO To Supercommute 1,600 Km To Work On Corporate Jet

by Clever Read
August 21, 2024
Book Reviews

Admits and Offers: Prepare, Decide and Win by Aniruddha M S

by Clever Read
March 30, 2024
Next Post
Same-Sex Marriage Issue Of “Seminal Importance”: Supreme Court

Same-Sex Marriage Issue Of "Seminal Importance": Supreme Court

ADVERTISEMENT

Premium Content

India Pakistan Tension Escalates After LoC Firing and Pahalgam Terror Attack

India Pakistan Tension Escalates After LoC Firing and Pahalgam Terror Attack

April 25, 2025
Sri Lanka Navy joins efforts to help Kankesanthurai harbour expansion for ferry service to India

Sri Lanka Navy joins efforts to help Kankesanthurai harbour expansion for ferry service to India

April 12, 2023
WhatsApp Rolls Out ‘Keep in Chat’ Feature for Disappearing Messages, Sticker Maker Tool for iOS: Details

WhatsApp Rolls Out ‘Keep in Chat’ Feature for Disappearing Messages, Sticker Maker Tool for iOS: Details

April 21, 2023

Browse by Category

  • Accident
  • army
  • Astrology
  • Authors Interview
  • Book Fair
  • book launch events
  • Book Reviews
  • Business
  • coffee Table
  • Cooking
  • crime
  • defense
  • education
  • election
  • Entertainment
  • Fashion
  • Fiction & Literature
  • Food
  • Health
  • Hybrid publishing
  • indian army
  • Lifestyle
  • No Tobacco
  • Parenting & Children
  • Poetry
  • Politics
  • pr
  • rocket launch
  • Self Help
  • self publishing
  • Social media trends
  • Sports
  • startup
  • Technology & Media
  • Travel
  • Trending
  • Wildlife
  • World

Browse by Tags

#bestbookpublisher #bookdisplay #bookfair #booklaunch #bookreaders #BookRecommendation #BookReview #bookreviews #booksmantra #bookspublisher #cleveratNDWBF2024 #CleverReads #cricketnews #Cricket Team #hybridbookpublisher #NDWBF2024 #publisher #selfbookpublisher authors book bookpublisher book publisher in india book review book reviews books Business children's book author Children book publisher in India self-publish cleverfoxpublishing cleverread Cricket cricket and sports crime education Hybrid Publishing-Clever Fox India Indian cricketer Israel political news politician Politics self book publisher in India sports trending news trending story
THE ETERNAL SCALE: Ragas never die – A Woman’s impassioned journey.
Book Reviews

THE ETERNAL SCALE: Ragas never die – A Woman’s impassioned journey.

by Clever Read
June 30, 2025
0

In The Eternal Scale: Ragas Never Die – A Woman's Impassioned Journey, author Manab Sen orchestrates a poignant, emotionally complex...

Read more
Let Your Organs Breathe

Let Your Organs Breathe

June 30, 2025
Pakistan Army Chief Asim Munir Issues Fresh Threats to India, Claims Pakistan a “Net Regional Stabiliser”

Pakistan Army Chief Asim Munir Issues Fresh Threats to India, Claims Pakistan a “Net Regional Stabiliser”

June 30, 2025
Repent while it’s dark: only in the dark, do people truly reveal themselves

Repent while it’s dark: only in the dark, do people truly reveal themselves

June 27, 2025
Donald Trump Hints at “Very Big” Trade Deal With India During White House Event

Donald Trump Hints at “Very Big” Trade Deal With India During White House Event

June 27, 2025
Clever Read

Get the latest information on news, trending topics, books, and social media trending reels.

© 2022 Cleverread - Clever Fox Publishing.

No Result
View All Result
  • Home
  • Books
    • Book Reviews
    • Trending
    • Astrology
    • Business
    • Fiction & Literature
    • Parenting & Children
    • Self Help
    • Cooking
  • Entertainment
  • Social Media Trends
  • PR
  • Interviews
  • News
  • Contact us
  • About us

© 2022 Cleverread - Clever Fox Publishing.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

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

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?