FameEX Afternoon Crypto News Recap | March 27, 2023

Investor Interest in Bitcoin Leads to Drop in Banking Deposits
https://www.fameex.com/en-AU/news/crypto-trending-news-2023032703
According to recent reports, deposits at US banks have experienced a significant decline between March 8 and 15, which is believed to be due to increasing concerns over a potential banking collapse. In contrast, the value of Bitcoin has surged by 35% in the past two weeks, exceeding the growth rate of other asset classes. This trend highlights the growing preference for alternative investment options as people and investors alike seek to diversify their portfolios in response to ongoing economic uncertainties arising from the pandemic.

First Citizens Acquires Silicon Valley Bank, Assumes Control of Deposits and Loans
According to a statement, the U.S. Federal Deposit Insurance Corporation (FDIC) has selected First Citizens Bank & Trust Co. to acquire the deposits and liabilities of Silicon Valley Bank. The acquisition involves buying approximately $72 billion in assets from Silicon Valley Bank at a discount of $16.5 billion. The acquisition is aimed at strengthening First Citizens Bank's position in the technology banking market while also safeguarding deposits and maintaining continuity of services for Silicon Valley Bank customers.

Chinese Banks Provide Assistance to Cryptocurrency Firms Based in Hong Kong
Chinese banks are providing support to Hong Kong-based cryptocurrency companies, which are increasingly popular with firms seeking overseas safe havens amidst regulatory actions in the US. Hong Kong has emerged as a relatively friendly jurisdiction for crypto companies, with the Securities and Futures Commission granting licenses to various digital asset exchanges in recent years.

EU Banking Authority Seeks Expert in Digital Currency for MiCA Law Implementation
The European Banking Authority (EBA) is searching for a digital currency expert to join its team and assist with its supervisory functions of the EU's digital currency markets ahead of the Markets in Crypto Assets (MiCA) law implementation. The successful applicant will develop policy mandates under MiCA and support the Digital Finance Unit's other activities. The EBA will be responsible for monitoring the operations of stablecoins pegged to the euro and drafting additional rules that the EU's parliament has left blank for regulators to control.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.