A lot has happened in the crypto news this week! In this news overview you can read the most interesting news of this week. This way you can start the new week well prepared.
Important crypto company Silvergate is about to collapse
Let’s start with this week’s most important news. Silvergate Capital, a crypto bank that provides services to many major cryptocurrency companies, is facing financial difficulties. The company previously warned that it is “less than well capitalized”, making bankruptcy likely.
Several major companies, including stablecoin issuers Circle and Paxos, and crypto exchange Coinbase, have suspended their partnerships with the bank. Tether and MicroStrategy also clarified that they have no exposure to Silvergate. Markets reacted to this news this week with a decline. For example, bitcoin (BTC) made the biggest drop in 4 months.
Ripple opens fire on United States
The United States, especially the Securities and Exchange Commission (SEC), is taking a tough stance on the crypto industry, with Ripple engaged in a legal battle since late 2020. Ripple’s legal head, Stuart Alderoty, believes that crypto companies that registered in the US have had to move abroad because of the biased attitude and influence of the SEC. Recently, the SEC intensified its efforts against the industry, with companies like LBRY and Kraken facing lawsuits and fines.
The US may be shooting itself in the foot. Indeed, a report from the same company in collaboration with Faster Payments Council shows that 97% of the 281 companies surveyed believe that cryptocurrencies and blockchain will play a key role in enabling faster payments over the next three years.
More clear about the launch date of the major Ethereum update
This week, the developers of Ethereum (ETH) announced more about the Shanghai launch date, an update that strikers finally able to withdraw their ETH. The mainnet launch is expected to follow in the second week of April.
