The loss of these two major banks has hit the crypto space especially hard. Let’s see how this development affected the market and check out some newsworthy crypto moments from this week. 

DeFi

Popular crypto podcast Bankless spread a rumor that the Security and Exchanges Commission (SEC) was going after staking platform Lido, causing the latter to dip by roughly 20%.

Technology

The Bank for International Settlements (BIS) has wrapped up its exploration of a project related to international payments using CBDC. 

Business

The issuer of the second-largest stablecoin Circle has stated that it held an undisclosed portion of its $9.8 billion cash reserves at the failed Silicon Valley Bank as of 17th January 2023. 

The crypto-focused Silvergate Bank has finally taken the call to shut down operations after struggling to stay afloat in the FTX aftermath. 

Binance.US has received court approval to advance its plan to acquire bankrupt crypto lender Voyager Digital’s assets for $1.3 billion. 

After settling with the SEC for $30 million dollars and ceasing its staking operations, U.S.-based cryptocurrency exchange Kraken is now back with news of creating its own banking institution.

Crypto exchange Coinbase has purchased One River Digital Asset Management (ORDAM) to improve its services and take advantage of the weak valuations of digital asset firms.

Bybit, the th

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Author: Amara Khatri

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