🚨 Biden: American people and American businesses can have confidence that their bank deposits will be there when they need them

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⚜ U.S. TREASURY OFFICIAL SAYS 'THERE ARE CONCERNS ABOUT DEPOSITORS'

⚜ TREASURY: FIRMS NOT BEING BAILED OUT, BUT DEPOSITORS PROTECTED

⚜ U.S. TREASURY OFFICIAL SAYS THIS SITUATION 'IS NOT 2008'

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📲 CZ:
🔹 Once you do one bailout, you end up in a dilemma.

🔹 If you don't bailout this time, why not? You were suppose to. To "protect consumers", by diluting all your citizens.

🔹 If you do bailouts, then banks have 0 incentive to manage risk. It would be stupid not to take max risk for max…

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🚨 US banks have over $620 billion in unrealized losses, FDIC says.

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Bitcoin, Ether Retrace Weekend Losses As Bears See $183M in Short Liquidations

📊 Bitcoin inched just over $22,500 in Asian morning hours on Monday while ether regained the $1,600 level, as per Coingecko. The move came as USD Coin (USDC)-issuer Circle said Sunday it would cover all shortfall in reserves, while Federal regulators said SVB depositors will have access to all funds on Monday morning after the U.S. open.

🔹 Traders betting on a market-wide decline were caught off guard as a broader market recovery in the past 24 hours saw $183 million in shorts, or bets against price rises, getting liquidated.

🔹 Short traders made nearly 85% of all liquidations in the past 24 hours, Coinglass data shows.

#BTC
#ETH

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🇬🇧 HSBC Holdings Plc (HSBA) said that its U.K ring-fenced subsidiary, HSBC U.K. Bank, is acquiring Silicon Valley Bank U.K. (SVB U.K.) for £1 ($1.21), as per a filing.
As of Mar. 10, SVB U.K. had loans of around $6.6 billion and deposits of around $8.1 billion, the filing read.

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Euler Finance flash-loan attacked for an estimated $197 million

🔹 Lending protocol Euler Finance was hit by a flash-loan attack, resulting in a loss of $197 million, according to security firms BlockSec and PeckShield.

🚨 The attack occurred at 4:50 am ET, allowing the perpetrator to borrow large amounts of funds and drain them from the protocol. They drained $136 million of staked ether (stETH), $34 million of USDC, $19 million of wrapped bitcoin (WBTC) and $8.7 million of DAI, BlockSec noted in a document.

📉 The attack caused the price of the Euler (EUL) token to drop more than 45% — coming down to $3.30 from $6.10.

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⚠️ First Republic Bank FRC, with $212 billion in assets, sees its stock down 55% pre-market.

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Biden: SVB, Signature Executives Will Be Fired

🇺🇸 Banks need more regulatory oversight, President Biden said during an address Monday morning about the recent closure of Silicon Valley Bank and Signature Bank.

🎙 The government has taken control over these institutions and no losses will be put on taxpayers, Biden said during the roughly four-minute speech.

🎙 “Every American should feel confident that their deposits will be there, if and when they need,” Biden said. “Second, the management of these banks will be fired.”

🔹 Biden did not take questions, leaving the podium as one press member asked for more clarity about why this crisis happened. The live feed was then cut.

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✅ #USDC has successfully restored its peg and is currently trading at $1.

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📈 BITCOIN SOARS 19% TO TRADE ABOVE $24,000 AMID SVB FALLOUT

#BTC

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📈 BITCOIN SOARS 19% TO TRADE ABOVE $24,000 AMID SVB FALLOUT

#BTC

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Filecoin's FIL Token Gains 18% Ahead of Network Upgrade

🔹 The Filecoin Virtual Machine (FVM) network upgrade is set to go live Tuesday at 15:14 UTC. The software platform will introduce smart contracts and enable developers to design decentralized applications on the Filecoin network.

🔹 #FIL reached a high of $6.20 on Monday, up 18%, according to CoinDesk data. That put the token up 15% for the month.

🔹 On Monday, Binance, the world’s largest crypto exchange by trading volume, said it will support Filecoin’s network upgrade by handling the technical requirements involved for users holding FIL in their Binance accounts.

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📈 Bitcoin was made for this!

#BTC

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🇺🇸 U.S. TREASURY YIELDS PLUNGE BY MOST SINCE 1980'S AS INVESTORS PRICE IN FED RATE CUTS AFTER SVB COLLAPSE

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🔚 Facebook and Instagram are "winding down" support for NFTs.

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📉 S&P 500 BANKING INDEX FALLS 7%, LARGEST ONE-DAY PERCENTAGE DROP SINCE JUNE 2020

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