• Elizabeth Warren blamed the liquidation of Silvergate Bank on “crypto risk,” however critics dismissed this opinion as “terribly misinformed.”
• US regulators closed Silicon Valley Bank due to financial turmoil and a reported bank run.
• Airdropped ERC20 tokens from Ethereum co-founder Vitalik Buterin’s address caused negative price moves and India-Russia oil deals could potentially challenge U.S. dollar dominance in international trade.
Extreme Market Turbulence
It’s been a turbulent week in finance with the so-called crypto-friendly Silvergate Bank announcing its liquidation, U.S. Senator Elizabeth Warren blaming the event on “crypto risk,” and individuals on social media pointing out that Warren is “terribly misinformed”. Additionally, U.S. Regulators closed Silicon Valley Bank after reports of a bank run and other troubles, while Ethereum co-founder Vitalik Buterin’s address allegedly sold trillions of airdropped ERC20 tokens, causing negative price moves, and India-Russia oil deals could be challenging U.S. dollar dominance in international trade.
Elizabeth Warren Blames ‘Crypto Risk’ for Silvergate Bank’s Liquidation
After Silvergate Bank announced its voluntary liquidation, U.S senator Elizabeth Warren attributed the financial institution’s downfall to “crypto risk.” According to Warren, she had previously warned about Silvergate; however some critics have dismissed her opinion as “terribly misinformed” and claim that she is “tossing out egregious accusations.”
US Regulators Close Silicon Valley Bank
The U.S Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) after it experienced financial issues including a reported bank run . Insured depositors can withdraw their funds on Monday after FDIC took over the failed bank..
Ethereum Co-Founder Vitalik Buterin’s Address Sells Trillions of Airdropped Tokens
On March 7th,,onchain observers noticed that Vitalik Buterin had allegedly sold billions and trillions of airdropped ERC20 tokens resulting in an estimated $700000 gain in value for him personally but causing illiquid coin prices to plummet due to market liquidity being shallow for these unknown ERC20 tokens .
India-Russia Oil Deals Could Challenge US Dollar Dominance
Reuters reported that Western sanctions on Russia in combination with Moscow & India trading oil together could lead to eroding away at The US dollars decades old dominance when it comes to international trade .