Bitcoin briefly soars to highest point since June, breaks $26,000 barrier

On March 14, Bitcoin experienced a surge in value, reaching $26,000, its highest value since June 2022. This surge comes amid growing optimism that the digital asset sector can weather the recent financial system turmoil in the United States. The world’s biggest crypto has witnessed a steady increase in value over the last four days, with a rise of up to 7.9 percent, reaching $26,142, before coming down to trade at $24600 levels. This is the first time that Bitcoin has traded above $26,000 since June last year. On the other hand, Ether neared the $1,800 mark before paring its gains to trade around $1,710 levels. Read full here

Binance suspends UK customer withdrawals and deposits amid regulatory pressure

Binance Holdings, considered the world's biggest cryptocurrency exchange, has decided to temporarily suspend deposit and withdrawal services through bank transfers and card payments for its customers in the UK. This comes after the exchange's local banking partner withdrew its support for transactions carried out in British pounds. Paysafe, has also announced that it will stop providing one of its services to Binance's UK customers, citing the regulatory environment surrounding cryptocurrencies in the country. In a statement issued on March 14, the London-based online payments company said that the decision was because of the "challenging" regulatory framework for crypto assets in the UK. Read details here

Banks eager to connect with crypto firms as DCG seeks fresh partnerships

Prominent crypto conglomerate Digital Currency Group is seeking to secure fresh banking partners for its portfolio companies in the aftermath of the recent collapses of Silicon Valley Bank (SVB), Signature Bank and Silvergate. Several banks, including Santander, HSBC, Deutsche Bank, BankProv, Bridge Bank, Mercury, Multis, and Series Financial, are eager to forge links with crypto firms. To expand its options, DCG has also approached BlackRock, JPMorgan, and Bank of America for banking support. The report states that while traditional banks are willing to set up banking accounts for crypto firms, they may impose some restrictions, such as limiting certain services like brokerage and money market services, as well as wire transfers to third parties, based on the level of exposure to crypto assets. Take a look

SVB’s failure prompts Justice Department and SEC to launch investigations

Following the takeover of Silicon Valley Bank (SVB) by regulators last week due to a significant run on its deposits, the Justice Department (DoJ) and the Securities and Exchange Commission (SEC) are reportedly investigating the bank's collapse. Quoting sources familiar with the matter, The Wall Street Journal reported that the investigations are in the early stages and do not necessarily imply charges or allegations of misconduct. Notably, it is common practice for prosecutors and regulators to launch investigations following unforeseen, substantial losses experienced by financial institutions or public companies. SVB Financial Group, the former owner of SVB, saw a 60 percent drop in its shares last week and has not been trading since March 10. Read more here

SEC gone rogue and completely out of control, Says Andreessen Horowitz Executive

At the Futures Industry Association conference, the crypto industry expressed its frustration with regulators' inability to provide an adequate regulatory framework for the emerging asset class. Recent enforcement actions by regulators, including the SEC, are viewed by many industry players as a hostile attack on crypto and US innovation. During the conference, Brian Quintenz, Head of Policy at Andreessen Horowitz and a former Commodities Futures Trading Commission (CFTC) commissioner, criticized the SEC, claiming that it had gone rogue and was "completely out of control." In a recent lawsuit filed by the New York Attorney General against KuCoin, it was alleged that Ethereum was an unregistered security. If this is true, the SEC would have oversight of the second-largest cryptocurrency by market cap. Read more here

Anchorage Digital cites uncertain regulatory landscape in US for layoffs

Anchorage Digital, a crypto bank, has become the latest industry participant to lay off employees amidst the ongoing market downturn for digital assets. The company is cutting around 20 percent of its workforce, or 75 people, citing the uncertain regulatory landscape for cryptocurrencies in the US as a key factor in its decision. Anchorage Digital is not alone, as other industry leaders like Coinbase Global Inc., Blockchain.com, Genesis, and Crypto.com have also laid off employees this year, resulting in over 2,000 job losses to date. The San Francisco-based company said that macroeconomic challenges and the volatile crypto market also played a role in the staff reductions. "The need for better crypto infrastructure is growing ever clearer," Anchorage Digital said in a statement. Continue here