Cryptocurrency markets experienced a relatively calm month in February as the total market capitalization gained 4% in the period. However, the fear of regulatory pressure appears to be having an impact on volatility in March. Bulls will undoubtedly miss the technical pattern that has been guiding the total crypto market capitalization upwards for the past 48 days. Unfortunately, not all trends last forever, and the 6.3% price correction on March 2 was enough to break below the ascending channel support level. As displayed above, the ascending channel initiated in mid-January saw its $1.025 trillion market cap floor ruptured after Silvergate …

Two United States lawmakers have criticized crypto accounting guidelines outlined by the securities regulator, arguing it places crypto customers at greater risk of loss. The guidelines came from the United States Securities and Exchange Commission (SEC), which became effective in April last year. The guidelines ask financial companies holding crypto for customers to recognize all digital assets they do not control as a liability. It also states that digital assets should be backed by a safeguarding asset. Crypto companies must show liabilities equal to ALL customer crypto assets, according to SEC's new rule SAB 121 issued in March 2022.@coinbase complied …

United Kingdom babanks HSBC Holdings and Nationwide Building Society are banning cryptocurrency purchases via credit cards for retail customers. They join a growing list of banks in the country to tighten restrictions on digital assets. A Bloomberg report on March 2 claims the step back is a response to warnings by UK regulators and scandals surrounding the crypto industry. Nationwide is reportedly applying daily limits of £5,000 ($5,965) on debit-card purchases of crypto assets, while credit cards will no longer be available for crypto transactions. Customers of HSBC were barred from making crypto purchases with their credit cards last month. …

Moscow Credit Bank has issued a blockchain-based bank guarantee denominated in Chinese currency, claiming the product is the first in the country. The bank guarantee exceeds 100 million Chinese yuan — or nearly $144,600 USD at time of publication. According to a statement, the transaction was performed through the Masterchain blockchain platform, andthe Russian national blockchain network created to transfer digital assets between its participants. As one of the advantages of performing the transaction on-chain, the financial institution mentioned that "the beneficiary does not need to wait for the paper version and make a separate request to the bank to …

Several crypto firms have announced they will scale back or outright terminate their relationship with Silvergate Bank following an announced investigation into its alleged involvement in the FTX collapse. Amid news that crypto exchange Coinbase would no longer accept or initiate payments with Silvergate, companies including stablecoin issuers Paxos and Circle and Mike Novogratz's Galaxy Digital have announced similar actions regarding their partnerships with the crypto bank. Galaxy Digital announced on March 2 that it had stopped accepting or initiating transfers to the bank “out of an abundance of caution”. In separate posts on Twitter on March 2, Paxos said …

Silvergate Bank has announced that it will delay the filing of its annual 10-K report, which has sent its stock price down over 30% after hours. A 10-K report is a document required by the Securities and Exchange Commission which provides a comprehensive overview of the company's business and financial condition. The crypto bank stated that it would need an additional two weeks to complete the report for the 2022 fiscal year. Silvergate explained in its late filing notice that it sold additional debt securities in January and February and expects to record further losses in the coming months. "These …

The United Kingdom’s bank regulator, the Prudential Regulatory Authority (PRA), will propose rules for issuing and holding digital assets, Bank of England (BOE) executive director of the Prudential Policy Directorate Vicky Saporta said in a speech at the bank Feb. 27. The rules will be developed with consideration for Basel III rules and the Financial Services and Markets (FSM) bill now being considered by the Parliament. The FSM bill, which had its second reading in the House of Lords in January, would give the PRA the new secondary objective of facilitating U.K. international economic growth. To this end, Saporta said, …

In a joint statement released by three United States federal agencies, the banking sector was advised against creating new risk management principles to counter liquidity risks resulting from crypto-asset market vulnerabilities. The Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released a statement reminding banks to apply existing risk management principles when addressing crypto-related liquidity risks. The joint statement highlighted the key liquidity risks associated with crypto-assets and related participants for banking organizations. The risks highlighted concern the unpredictable scale and timing of deposit inflows …

Citizens Trust Bank, a financial institution regulated by the Federal Deposit Insurance Corporation (FDIC), has partnered with Circle Internet Financial to hold some of its reserves in USD Coin (USDC) — a move the companies said would promote financial inclusion and digital literacy in the greater Atlanta area. On Feb. 24, Circle announced the Atlanta-based Citizens Trust Bank would hold $65 million in USDC reserves as part of a broader collaboration between the two companies. The bank’s USDC reserves will provide small businesses with access to capital and be used for other financial inclusion initiatives. Citizens Trust’s president and chief …

Central bank digital currencies (CBDCs) are digital versions of fiat currencies that are backed and issued by central banks. Here are five ways in which CBDCs could impact the global financial system. Digitalization of payments CBDCs might make payments quicker and more efficient because they would do away with the need for intermediaries. Costs could be brought down as a result, along with financial inclusion and an improved global payments system. CBDCs could also enable cross-border payments to become faster and more efficient, as they would not be subject to the limitations of the traditional financial system. The ease and …

The United States Federal Reserve has denied a request from cryptocurrency bank Custodia Bank to reconsider its membership application to the Federal Reserve System. The Fed announced its denial on Feb. 23 saying the Federal Reserve Board previously decided that Custodia’s application “was inconsistent with the required factors under the law.” @federalreserve announces it has denied the request by Custodia Bank, Inc., for reconsideration of the Board’s decision last month on its application to be supervised by the Federal Reserve: https://t.co/ZYNUEoLeN1 — Federal Reserve (@federalreserve) February 23, 2023 In January, the Fed rejected Custodia’s application to become a member. Board …

Teaching cryptocurrency to children can be a great way to introduce them to the world of finance and technology. Here are some interactive ways one can utilize to teach cryptocurrency to children: Start with the basics and use analogies Start by defining and describing the nature of money. Inform your kids about the various types of money and the function of banks. It is also important to teach them the origin of money and how it got involved, from paper money to digital money. Related: What is cryptocurrency? A beginner’s guide to digital currency Furthermore, analogies can be a powerful …