The so-called crypto-friendly Silvergate Bank announced its liquidation, U.S. Senator Elizabeth Warren blamed the event on “crypto risk,” and individuals on social media pointed to Warren as ” It has been a turbulent week in the financial world, as individuals on social media pointed out that Warren was “terribly misinformed. Additionally, U.S. regulators shut down Silicon Valley Bank after reports of bank runs and other troubles. In other developments, the address of Ethereum co-founder Vitalik Buterin allegedly sold trillions of ERC20 tokens that were flown in, causing negative price movements, and oil deals in India and Russia may challenge the dominance of the US dollar. In addition to this, Bitcoin.com News Week in Review states.
Elizabeth Warren Blasts Silvergate Bank Liquidation as ‘Crypto Risk,’ Critics Dismiss Senator’s Claim as ‘Terrible Misinformation’
After Silvergate Bank announced its voluntary liquidation, U.S. Senator Elizabeth Warren blamed “crypto risk” for the institution’s downfall. According to Warren, she had previously warned about Silvergate. However, some critics have dismissed Warren’s opinion as “terribly misinformed” and claim that she is “casting a terrible blame.”
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U.S. Regulators Close Silicon Valley Bank, Largest Bank Failure Since Washington Mutual
After Silicon Valley Bank (SVB) ran into financial difficulties, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the institution, allowing insured depositors to withdraw their funds Monday after the FDIC took over the failed bank.
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Trillions in airdropped tokens sold at the address of Ethereum co-founder Vitalik Buterin, causing the price of illiquid coins to plummet
On March 7, on-chain observers noticed that Ethereum co-founder Vitalik Buterin allegedly sold billions and trillions of airdropped ERC20 tokens for an estimated $700,000 worth of profit. Market liquidity for airdropped tokens is shallow, and the relatively unknown ERC20 tokens plummeted in value after Buterin reportedly sold the funds.
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India-Russia oil deal erodes dollar dominance in international trade
On Wednesday, Reuters reported that Western sanctions against Russia and oil trade between Moscow and India are beginning to erode the dollar’s decades-long dominance in international oil trade. Oil deals between India and Russia are settled in other currencies, putting pressure on the dominance of the U.S. dollar in oil trading.
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