Cryptocurrency News TheBitTimes.com

Nerves become apparent across risk assets as U.S. regional banks add to already significant losses. Bitcoin (BTC) slid below $29,000 around the May 4 Wall Street open as United States equities showed jitters over the resurgent banking crisis. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView "Too much all at once" for U.S. banks Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing ground as the S&P 500 shed 0.7%. The risk asset comedown accompanied more mayhem for U.S. regional bank stocks, withe PacWest Bancorp once again leading the way, falling over 50% on the day. The embattled lender had already seen major losses, and at the time of writing was down 86.5% year-to-date. In a statement, the bank nonetheless described its position as "solid." As Cointelegraph reported, reassurances of U.S. authorities over the banking system stability appeared at odds with reality for many commentators, with confusion only increasing as the cri...

Cointelegraph analyst and writer Marcel Pechman explains how the Credit Suisse bank crisis will impact the crypto market. The show Macro Markets, hosted by Marcel Pechman, which airs every Friday at 12 pm ET on the Cointelegraph Markets & Research YouTube channel, explains complex concepts in layman’s terms and focuses on the cause and effect of traditional financial events on day-to-day crypto activity. In today’s episode, crypto analyst Pechman discusses how to analyze banks — importantly, how to avoid the erroneous market capitalization indicator, which had a $15.8-billion value for the defunct Silicon Valley Bank (SVB). The enterprise value (EV) metric provides a much better picture of a bank’s balance sheet terms by subtracting net debt from market cap. Of course, Pechman first explains the relationship between Banking valuation and crypto currencies, specifically Bitcoin’s (BTC) ethos. The video explores the 2018 denial of The Narrow Bank’s application, a bank that would...

Peter Smith said the hardest thing to trace was the funds that enter the banking system. Blockchain.com's founder and CEO, Peter Smith, believes on-chain analytics will play a significant role in locating the missing FTX funds, though it will have its limitations. On Dec. 20, Fox Business host Liz Claman said that blockchain’s selling point was that it makes crypto transactions transparent and traceable, asking Smith the question of what it could trace in the case of FTX’s missing customer funds. Smith said that blockchain sleuths have already done a fair bit of work in chasing the money trail, adding that it could in fact be the banking system where the trail could turn cold: “The most challenging thing for [blockchain analytics] firms working on this today is when money moves off chain and into the banking system because they’re no longer able to track it.” He cited an example of when Sam Bankman-Fried or associates purchased real estate as that would have originated from a ban...