The recent banking failures involving the fall of Silicon Valley Bank (SVB), Signature Bank, and Silvergate Bank, have high-profile government individuals trying to find a culprit. U.S. President Joe Biden and former President Donald Trump have publicly blamed each other’s policies for the outcome, but according to some analysts, the problem might be ignorance in the banking system.
Biden and Trump Scuffle on Bank Failures’ Causes
The recent banking crisis that the U.S. is currently facing after the fall of three medium-size banks (Silicon Valley Bank, Signature Bank, and Silvergate Bank), has spurred a political discussion between U.S. President Joe Biden and former President Donald Trump in order to find the responsible of the biggest bank failures since the 2008 subprime mortgage crisis.
Biden and Trump have been very vocal assigning the blame to each the other’s policies. On March 13, in the wake of the fall of Silicon Valley Bank, Biden reassured people about the isolated character of the incident, calling on Americans to trust in the banking system, and saying it was safe.
At the same time, President Biden assigned the blame for the bank failures on the deregulation advances that occurred under Trump’s administration, in which the stricter banking regulations established via the Dodd-Frank Act during former President Obama’s mandate were struck down. Biden stated:
Unfortunately, the last administration rolled back regulations.
Trump was quick to rebuff these allegations, making it clear he considers the current administration responsible for the current shaky standing of the banking system. As part of a speech given on March 28, Trump stated:
We are seeing bank failures left and right. Biden and his enablers and Congress are directly responsible for creating this economic catastrophe. And with Joe Biden at the wheel, it will only get worse. That’s what’s happening in almost every single sector.
A Different Answer
However, for some analysts, the blame lies in problems that could have easily been handled by assessing the risk of, for example, Silicon Valley Bank. This is the opinion of Andre Esteves, the millionaire CEO and founder of BTG Pactual, one of the biggest investment banks in Latam, managing over $70 billion in assets.
For Esteves, it was the lack of expertise of banking operators resulting from years of low-interest rates which caused the debacle at Silicon Valley Bank. Esteves explained that the current generation of operators only knows inflation and hawkish policies by book, or in theory, and doesn’t know how to deal with them in practice.
Esteves declared:
It’s very basic asset liability management that any junior analyst working at a bank in Chile, Brazil or Colombia or any other country that presents a little more volatility would know.
Esteves also singled out Credit Suisse’s fall as an isolated event that had been gestating for years.
What do you think about the responsibilities of Biden, Trump, and banking operators for the current banking crisis? Tell us in the comment section below.
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Lisa DeLuca, senior director of engineering at Unstoppable, told CoinDesk that bringing AI innovation to Unstoppable will help users further tap into their digital identities as they connect their domains across decentralized applications, games, metaverses and more.
At press time, the quarterly expiry on the dominant crypto options exchange Deribit comprised 81,052 call options worth $2.24 billion and 60,261 put options worth $1.73 billion, according to data from Amberdata. Deribit, which accounts for almost 80% of the global crypto options activity, will settle the quarterly options at 08:00 UTC on Friday. On Deribit, one options contract represents 1 BTC.
Windy Inc. took over the platform in 2019 after the founder misappropriated money, according to the SEC, and managers Nicholas Murphy and Randolph Bay Abbott maintained Beaxy for trading crypto assets “that were offered and sold as securities,” the SEC said. So the agency is also accusing them of violating securities law by operating an unregistered exchange, broker and clearing agency, though the platform was described as defunct in another SEC case last year.
Monero climbed for a third consecutive session on Thursday, as the token moved marginally closer to a six-week high. This rise in price comes despite the fact that the global market cap mostly consolidated, and is trading just 0.50% higher as of writing. As for LINK, chainlink bulls have so far failed to break out of a key resistance point.
Monero (XMR)
Monero (XMR) was one of Thursday’s notable gainers, with prices climbing for a third consecutive session.
XMR/USD rose to a high of $163.19 earlier in today’s session, which comes a day after the token fell to a low of $155.83.
As a result of the move, XMR moved towards last Sunday’s high at $166.07, which was its strongest point since February 20.
Looking at the chart, today’s move came as monero surged above a recent resistance level at $160.00.
Overall, the surge came as the 14-day relative strength index (RSI) collided with its own ceiling at the 55.00 mark.
At the time of writing, the index is tracking at 54.86, which is its highest reading this week.
Chainlink (LINK)
On the other hand, chainlink (LINK) was mostly lower on Thursday, as the token failed to move above a key price point.
LINK/USD slipped to a low at $7.25 in today’s session — this comes after prices hit an earlier peak of $7.53.
Today’s high saw chainlink move towards its ceiling at $7.55, however bulls were unable to secure a breakout.
From the chart, it appears that the failure to move beyond $7.55 coincided with the RSI falling at a resistance of its own.
As of writing, the index is tracking at 53.16, which is below the aforementioned ceiling at 55.00.
Overall, LINK is now trading at $7.32, with sentiment in today’s session now mostly bearish.
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Do you expect chainlink to move higher in the coming days? Let us know your thoughts in the comments.
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“Primacy is given to the court proceedings led in Montenegro,” Kovac said, speaking through an interpreter. “If they are convicted for the criminal offense of falsifying identification documents, only after they served their prison sentence is it expected that they will be extradited.”
Bybit has said it is inviting African youths that wish to attend a blockchain education training program to submit their applications. The training and educational program is expected to help the participating individuals learn the fundamentals of blockchain technology.
Understanding the Blockchain
Bybit, one of the world’s leading global crypto exchanges, has partnered with Innovation Growth Hub to launch a blockchain education and training program targeting African youths. The training program is expected to help young people learn and understand the fundamentals of blockchain, as well as how this creates new opportunities.
According to a local report, experts in the blockchain field are expected to lead or oversee the interactive discussions and online lectures. An unnamed spokesperson for Bybit is quoted in the report highlighting the importance of the training program.
“Our goal is to give young people the knowledge and skills they need to understand and engage with blockchain technology. Hence, we will work together with Innovation Growth Hub to create a unique learning experience for participants,” the spokesperson said.
In addition to helping the youths acquire knowledge about blockchain and its probable uses, the training program is also intended to acquaint them with the workings of Bybit’s ecosystem. Participants also stand a chance of winning prizes even as they continue to learn.
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“Entering the crypto business is another step to continue transforming and expanding access to financial services in Chile and Latin America,” said Matías Spagui, senior director of Mercado Pago in Chile. “Through this new service, we seek to give millions of Chileans access to the crypto world in an educational, secure and simple way, in order to generate greater financial inclusion.”
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 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.
