Bitcoin News and Finance: What You Need to Know

Billionaire Bill Ackman has warned of “vast and profound” consequences of the U.S. government letting Silicon Valley Bank (SVB) fail without protecting all depositors. “No company will take even a tiny chance of losing a dollar of deposits as there is no reward for this risk. Absent a systemwide FDIC deposit guarantee, more bank runs begin Monday am,” he cautioned. Government Has Until Monday Morning to Fix Its ‘Soon-to-Be-Irreversible Mistake’ Billionaire Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, has warned of “vast and profound” consequences of the U.S. government allowing Silicon Valley Bank to fail without protecting all depositors. He tweeted Saturday that the government has until Monday morning to fix its “soon-to-be-irreversible mistake,” elaborating: By allowing SVB to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. He stressed that unless

Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday. Bitcoin Bitcoin ( BTC ) rose back above $20,000 on Saturday, despite overall volatility in financial markets being at historic highs. This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was shutting down Silicon Valley Bank . Despite this, BTC /USD raced to an intraday high of $20,792.53, less than 24 hours after trading at a low of $19,628.25. Overall, today’s marginal rally in price comes as the 14-day relative strength index (RSI) found a floor at the 27.00 level. At the time of writing, the index is tracking at 28.46, with bitcoin at $20,279.45, as earlier gains have eased. Market volatility will likely r

The Ministry of Science and ICT of South Korea has approved investments of $51 million in various metaverse projects, doubling down on its metaverse bet for the future. The investment includes a fund for supporting the growth of metaverse companies and another special investment to build several services including region-specific projects. South Korea Continues Investing in the Metaverse While the interest in the metaverse by some private companies has started to cool off, South Korea is doubling down on its bet to keep supporting the local metaverse economy. The country announced a pair of initiatives directed to support metaverse projects and companies to build products on top of virtual worlds. The first of these projects, announced on March 8, constitutes a metaverse growth fund that will allow companies that want to develop virtual projects to get funding directly from the Ministry of Science and ICT of South Korea. For this, the institution has allocated $30 million. The se

According to local reports, Nigerian financial institutions have begun abiding by a Supreme Court ruling that invalidated the Central Bank of Nigeria (CBN)’s demonetization of the 1,000, 500 and 100-naira banknotes. According to the court, Nigerian residents will continue to use the demonetized banknotes until the end of the year. Court Criticizes Outgoing Nigerian President Nigerian financial institutions have reportedly started dispensing the recently demonetized 1,000, 500 and 100-naira banknotes just days after the nation’s highest court ruled against the CBN’s so-called naira redesign policy. According to a Bloomberg report , some of the country’s leading financial institutions such as Guaranty Trust Holding Co. Plc and Sterling Bank Plc were already dispensing the old notes on March 6. In its ruling delivered on March 3, 2023, the Nigerian Supreme Court slated the central bank’s hasty demonetization process. The court also accused the outgoing president Muhammadu Buhari of u

The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several factors which led the population to believe there might be a devaluation move coming. Central Bank of Bolivia Sells Dollars to Appease Local Market The Central Bank of Bolivia is executing extraordinary measures to supply its internal market with foreign currency. On March 6, the monetary institution announced that it would start selling dollars to the citizens directly, adding its action to the established traditional currency exchange market. The measure would counter what the central bank is calling a “speculative attack” on the national monetary system, prompting Bolivians to purchase more dollars in order to protect from a rumored increase in the exchange rate. Edwin Rojas, president of the Central Bank of Bolivia, stated: The Centr