Crypto News Updates 

BY NewsDesk 8

Bitcoin prices fell today after Silvergate Bank's liquidity concerns combined with exchange margin cascades, weighing on crypto markets. Bitcoin prices fell today as cryptocurrency markets reacted to fresh FTX declines and BTC bulls failed to defend already weak support. Bitcoin fell 5% in one hour overnight on 3rd March, falling to its lowest level in more than two weeks.

Why is the price of Bitcoin falling today?


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Two US lawmakers have criticized crypto accounting guidelines outlined by the national securities regulator, arguing they put crypto consumers at greater risk of losses. The guidelines came from the US Securities and Exchange Commission and became into effect in April 2022. The guidelines ask financial institutions holding crypto for customers to recognize all digital assets they don't control as liabilities. They also state that digital assets should be backed by a secure asset.

US lawmakers have argued that SEC accounting policies put crypto consumers at risk of harm


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BUSD's market cap is down about $14 billion from its all-time high of $23.49 billion set on 15th November, last year. USD's market cap has fallen below $10 billion in nearly two years between a US regulatory crackdown on the token issuer and a planned delisting from a major crypto exchange. BUSD’s market cap has been on a steep downward trajectory since its all-time high of $23.49 billion in market capitalization, hit on 15th November, just days after FTX's shock collapse.

Binance's USD market cap has fallen below $10 billion in nearly two years of planned listings


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Ras Al Khaimah's recently announced free zone for virtual asset firms will explore accepting crypto payments from firms to set up their businesses in the emirate, a lawyer involved in the hub's development said. Dubai-based crypto lawyer Irina Hever said that once RAK DAO (Ras Al Khaimah Digital Assets Oasis) secures suitable partners, it will examine crypto payments, including bitcoin and other stablecoins, for corporate registration, office rent, and other services.

The free zone will seek bitcoin payments from companies setting up business in the emirate


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Popular fintech bank Silvergate Bank lost five crypto partners on 2nd March, due to multiple investigations and lawsuits against it. Paxos, Coinbase, Gemini, BitStamp, and Galaxy Digital are some of the notable crypto firms that used Silvergate as their banking partner. However, crypto has forced hedge funds to seek an alternative banking partner.

Coinbase tie-up with Silvergate forces crypto hedge fund to find new bank


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The global payments industry is bullish on the potential of cryptocurrencies and blockchain to enable faster and cheaper transactions, according to a new survey co-hosted by Ripple. Blockchain-based digital payment network Ripple and payments organization FPC (Faster Payments Council ) issued a report on 2nd March dedicated to crypto-enabled payment opportunities.


The payments firm has issued a report on opportunities for crypto-enabled payments


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