It’s been a turbulent week in finance with the so-called Silvergate Bank, a crypto-friendly bank, announcing its liquidation, US Senator Elizabeth Warren blaming the event on “cryptocurrency risk” and people on social media noting that Warren is “terribly misinformed.” Additionally, US regulators have shut down Silicon Valley Bank after reports of bank runs and other problems. In other developments, Ethereum co-founder Vitalik Buterin’s management reportedly sold trillions of airdropped ERC20 tokens, triggering negative price movements, and India-Russia oil deals could challenge US dollar dominance. All this and more, just below, in Bitcoin.com News Week in Review.
Elizabeth Warren blames ‘crypto risk’ for Silvergate bank liquidation, critics dismiss senator’s claims as ‘terribly misinformed’
After Silvergate Bank announced its voluntary liquidation, US Senator Elizabeth Warren attributes the financial institution’s downfall to “crypto risk.” According to Warren, she had previously warned about Silvergate. However, some critics dismiss Warren’s opinion as “terribly misinformed” and claim that she is “dropping egregious accusations”.
Read more
US regulators shut down Silicon Valley Bank in one of the biggest bank failures since Washington Mutual
After Silicon Valley Bank (SVB) experienced financial turmoil, the US Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank.
Read more
Ethereum Co-Founder Vitalik Buterin’s Management Sells Trillions Of Airdropped Tokens, Causes Prices Of Illiquid Coins To Plummet
On March 7, on-chain observers noticed that Vitalik Buterin, the co-founder of Ethereum, had allegedly sold billions and trillions of airdropped ERC20 tokens, resulting in a profit of an estimated value of $700,000. Market liquidity for airdropped tokens was shallow, and the value of relatively unknown ERC20 tokens plummeted after Buterin reportedly sold the funds.
Read more
India-Russia oil deals undermine dollar dominance in international trade
On Wednesday, Reuters reported that Western sanctions on Russia and the Moscow-India oil trade have begun to erode the dollar’s dominance in international oil trade for decades. Oil deals between India and Russia have been settled in other currencies, putting the US dollar’s dominance in oil trade under pressure.
Read more
What do you think of this week’s stories? Be sure to let us know in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
