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The Fed’s rate hike is hitting the markets. Notably, XRP’s price took a deep dive almost as quickly as it had picked up yesterday. The Federal Reserve (Fed) has raised the interest rate by 25 bps to 5%, the highest level since June 2016. During the FOMC meeting on March 22, Jerome Powell, the Fed Chairman asserted that Fed acknowledged the recent turmoil in the banking sector and prompt actions were necessary to stop spreading contagion. However, curbing inflation remains Fed’s priority; and the agency will stick to this goal until the inflation rate reaches 2%. The Fed evidently has no plan to cut interest rates but it will make adjustments based on the bank’s situation, rather than continuously raising per original plan. No Clear Direction Powell added that the Fed may consider tightening lending standards as additional measures. But if it’s ineffective, Fed will return to raising interest rates. With the US facing the risk of a crisis in the banking industry after the coll...

On a day when other top coins were going higher, Ripple (XRP) experienced a significant surge of over 25%, reaching its highest value since November, 2022. Ripple Files New Notice The ongoing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has yet to reach a final settlement. Nevertheless, notable developments have emerged. Ripple’s legal team yesterday sent a Letter of Supplemental Authority to Judge Torres, citing Voyager’s case decision by Judge Michael Wiles on March 11, 2023. By the end of February, the SEC voiced opposition to the $1 billion deal between Binance.US and Voyager. The agency claimed that the deal shows signs of violating US law in terms of investor compensation. Voyager’s VGX token, according to the SEC’s filing, is a security. Thus partially compensating users of the lending platform is a securities offering and transfer activity. Previously, the SEC voiced concerns about the financial viability of Binance.US. The age...

Even though the crypto market remains resilient amid a series of collapses, the crypto industry faces a challenging future of tightening oversight and lack of liquidity with banks under pressure. Another day, another troubled bank. Bloomberg revealed that First Republic was close to becoming the latest name on the list of the banking crisis. The bank was reportedly struggling to maintain its financial stability and exploring sale options. New Bank In Trouble On Thursday, Wall Street came to the rescue funded by some of the largest banks. The list includes JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley. The Federal Deposit Insurance Corporation (FDIC) previously stepped in with a bailout for Silicon Valley Bank and Signature Bank, ensuring that customers could access their deposits starting from Monday this week. An earthquake hit the banking sector in less than a week after three banks closed doors, including Silicon Valley Bank and two cry...

When a bank goes down, it won’t go down alone. Speculations on the bleak future of Credit Suisse, which broke out in October 2022, resurfaced this year. The Switzerland-based bank with approximately $578 billion in assets, has been in intense trouble due to “material weakness” revealed in its reporting. A Major Hit if it Happens Credit Suisse has experienced more turbulence after its largest shareholder reportedly ruled out assistance. In an interview with Bloomberg, Ammar Al Khudairy, Chairman of the Saudi National Bank (SNB), Credit Suisses’ biggest shareholder said that the bank would stop increasing stake due to legal issues. To wit, “The answer is absolutely not, for many reasons. I’ll cite the simplest reason, which is regulatory and statutory. We now own 9.8% of the bank — if we go above 10% all kinds of new rules kick in, whether be it by our regulator or the European regulator, or the Swiss regulator.” Credit Suisse shares took a nosedive following the statement, dr...

A big rally has dominated the crypto market following the recent US CPI report. Inflation eases slightly again, but does this mean the Fed will decrease interest rates? The Bureau of Labor Statistics reported Monday that the Consumer Price Index (CPI), an annual inflation rate, reached 6% in February, the lowest rate since September 2021. The CP index measures inflation, tracking the average price change of goods and services over time. Inflation in February was lower than in January. In January, CPI data recorded a 6.4% increase annually, driven by shelter costs. The data for both months matched economists’ predictions. In response to the news, Bitcoin, the largest cryptocurrency by market capitalization, has an outstanding performance. TradingView said Bitcoin’s price surpassed $26,000 shortly after the CPI data’s release. The flagship crypto had nearly broken the $27,000 mark before falling to around $24,000 in later trade. Market May Be Overshooting Reality Positive market ...

HSBC has stepped up as a white knight to rescue SVB’s distressed UK arm with a sale at rock bottom prices! British banking giant HSBC Holdings announced today its acquisition of Silicon Valley Bank (SVB) UK arm. HSBC UK has agreed to buy the SVB London arm in a deal worth £1, equivalent to $1.21 at the press time. A Screaming Deal According to HSBC’s estimates, SVB UK’s loan portfolio includes around 5.5 billion GBP ($6.7 billion), while its deposits are about 6.7 billion GBP ($8.1 billion). The UK bank reported a pre-tax profit of 88 million GBP ($107 million) for the previous year. HSBC expects SVB UK’s tangible equity to reach 1.4 billion GBP ($1.7 billion). However, the British bank also noted that the “final calculation of the gain arising from the acquisition will be provided in due course.” Speaking on the last-minute deal that saved the distressed bank, HSBC Group CEO Noel Quinn said: “SVB UK customers can continue to bank as usual, safe in the knowledge that their de...