FameEX Afternoon Crypto News Recap | March 27, 2023

Bitcoin Attracts Investors, Resulting in a Decrease in Banking Deposits
https://www.fameex.com/en-US/news/crypto-trending-news-2023032703
Deposits at US banks saw a significant drop between March 8 and 15, which is being attributed to rising fears of a banking collapse. Meanwhile, the value of Bitcoin has seen a 35% increase over the past two weeks, with the digital currency's growth outpacing other asset classes. The trend reflects a growing preference for alternative investment options, as individuals and investors alike look to diversify their portfolios in light of the ongoing economic uncertainties stemming from the pandemic.

Silicon Valley Bank Acquired by First Citizens, Takes Over Deposits and Loans
First Citizens Bank & Trust Co. has been chosen by the U.S. Federal Deposit Insurance Corporation (FDIC) to buy the deposits and liabilities of Silicon Valley Bank, according to a statement. The acquisition involves buying around $72 billion in assets from Silicon Valley Bank at a discount of $16.5 billion. The move is intended to strengthen First Citizens Bank's position in the technology banking market, while also safeguarding deposits and maintaining continuity of services for Silicon Valley Bank customers.

Hong Kong-based cryptocurrency firms are receiving support from Chinese banks
Chinese banks are reportedly offering support to cryptocurrency firms based in Hong Kong, which has become an increasingly attractive destination for crypto firms seeking safe havens overseas amid recent regulatory actions in the US. The Chinese banks' support comes as Hong Kong has emerged as a relatively friendly jurisdiction for crypto firms, with the city's Securities and Futures Commission granting licences to several digital asset exchanges in recent years.

EU Banking Authority Seeks Digital Currency Expert Ahead of MiCA Law Implementation
The European Banking Authority (EBA) is seeking a digital currency expert to contribute to the authority’s supervision model of the EU's digital currency markets ahead of its supervisory functions under the Markets in Crypto Assets (MiCA) law. The role requires the successful applicant to develop policy mandates under MiCA and support the Digital Finance Unit's other activities. The EBA will monitor the operations of stablecoins pegged to the euro and draft additional rules that the EU’s parliament left blank to allow 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.