🦎🚀 A Rollercoaster Weekend 🏦💀

Monday, March 13, 2023

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Bullish crisis

In case you missed it, fears of the financial viability of Silicon Valley Bank have proven to be founded, as it was closed by banking regulators last Friday, soon followed by the closure of Signature Bank - making these the second and third-largest banking failures in US history, respectively. Markets had plummeted following the news.

However, after a joint statement from the Fed, US Treasury, and FDIC that declared all depositors of SVB and Signature Bank will be able to get their funds out on Monday, the markets rallied. USDC, which had depegged over the weekend following their declaration of exposure to SVB, had also regained its dollar peg following the bailout announcement.

In other news, HSBC UK acquires SVB UK branch for £1, OpenSea patches vulnerability which compromised users' identities, and lucky solo Bitcoin miner successfully mines block for $150k reward.

Read on!

24h Hot Searches Worldwide

Euler (-43.7%)
USDC (+4.4%)
Oath (+20.6%)
Liquity (+18.8%)
Access Protocol (-4.4%)
Tether (+0.5%)
Optimism (+24.5%)

Don't miss out on the biggest trends in cryptocurrency for 2023 Watch our latest video on the Top 7 Crypto Trends to look out for this year!

Tap here to watch!

A Good Deal

HSBC UK Bank has announced that it is purchasing Silicon Valley Bank UK for £1. The acquisition means that depositors at the British SVB branch can continue banking activities as usual, with their deposits backed by HSBC.

Like its parent company in California, SVB UK also had many tech and startup clients, holding roughly $8.1 billion in deposits and loans of roughly $6.6. billion.

Decrypt

Not the Openness We Want

NFT marketplace OpenSea has reportedly patched a vulnerability which could have exposed personal information about its anonymous users, which has now been patched.

Cybersecurity firm Imperva detailed how it had discovered the vulnerability, claiming that OpenSea users could be anonymized by linking IP addresses, browser sessions, or emails in certain conditions to an NFT.

CoinTelegraph

A Very Lucky BLOKe

A solo Bitcoin miner was rewarded for adding block 780,112 to Bitcoin's blockchain, beating the odds as countless others raced toward the same goal. The Bitcoin miner's hash rate represented around 0.002% of the entire Bitcoin network's hashrate.

The miner used the Solo CK Pool mining service to establish a solo mining pool, where they produced a valid hash for the block and received a reward of 6.25 BTC and a fee reward of around 0.63 BTC — worth about $148,000.

Decrypt

Looking for alternatives to MetaMask? Today we look at 8 other wallets, including SafePal, which offers a comprehensive crypto wallet suite across hardware and software wallet solutions, as well as a browser extension.

Read more at https://gcko.io/arj8vp1

During the DeFi summer, many projects offered sky-high APYs. However, right now there's a shift in favor of real yield, which comes from revenue generated by the protocol instead of aggressive token emissions.

Learn more about real yield and why it matters here.

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