Crypto Chronicle with NewsCrypto
Good morning NewsCrypto readers! Fasten your seat belts for the NewsCrypto newsletter express, where we serve sizzling crypto news with a side of laughs. Just like a fine wine pairs with a good meal, our newsletter pairs with your crypto journey.
Let’s not waste any more time and jump right in!
Here’s what we got on the menu:
1. FED revealed 722 banks reported unrealized losses over 50% in Q3 of 2022!
2. Is BinanceUS preparing to leave the US market?
3. Funny meme
Banking crisis just started
The U.S. Federal Reserve revealed a jaw-dropping report that 722 banks experienced unrealized losses of over 50% in Q3 of 2022! But what does this mean for the U.S. banking system and why is this happening in the first place?
Unrealized losses, bank runs, bond fluctuations - these are the pieces of a banking crisis puzzle.
The total assets of the Signature Bank, Silicon Valley Bank, and First Republic Bank were $532 billion! How does it compare to the infamous 2008 Global Financial Crisis?
Read our blog, where we delve deeper: https://blog.newscrypto.io/will-the-banking-crisis-continue
Is Binance.US preparing to leave the US market?
Binance.US might be preparing to leave the US market, most likely due to regulatory clampdown. If this isn't an “oh snap” moment to pique your curiosity, then we’re not sure what is!
Bitcoin started trading at a $700 premium on Binance.US.
Translating into price of $28.393 while other exchanges had it priced at around $27.722 Worth paying this “luxury tax” on your beloved BTC? We will let you be the judge.
What could be the reason? Low liquidity, a phrase that sends shivers down any crypto exchange's spine. Why would an exchange ranked 5th in the US have liquidity issues?
1. The regulations that are on the horizon and the market makers don’t want a piece of it so they are opting for an early exit. Less market makers = less liquidity = price spiking (a ~2.4% incline in this instance). Spooky, right?
2. Problems with fiat withdrawals, they are currently without a wire partner so getting dollars out of it is like untangling a retractable cable of an old phone - very tricky.
Binance.US's main staking wallet emptied all its funds from staking pools. 💸
The funds specifically $150M of ETH, $2.5M MATIC, AST and T were transferred off to the safety of their hardware wallets. Perhaps to bolster liquidity?
Funny meme
