The breaking news of last week:
Bull News of Last Week
1. Key Word: JPMorgan Chase & Co., Inject Liquidity
Market observers are on the alert to find out just how much extra funding the Federal Reserve’s new bank backstop program will ultimately add into the system, with analysts at JPMorgan Chase & Co. positing that it could inject anywhere up to $2 trillion in liquidity.
2. Key Word: USDC, Join Calls For Important Bank
Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.
Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators.
3. Key Word: Interest Rates, PPI、Decline
The U.S. Federal Reserve will raise interest rates by 25 basis points on March 22 despite recent banking sector turmoil, according to a strong majority of economists polled by Reuters who were divided on the risks to their terminal rate view.
The Producer Price Index (PPI) for final demand in the US declined to 4.6% on a yearly basis in February from 5.7% in January.
4. Key Word: Digital Euro, Legal Tender
Governments within the euro currency bloc are set to discuss strategic objectives for the Central Bank Digital Currency (CBDC). The paper, drafted by the secretariat of the Eurogroup, will be put before finance ministers later on Monday.
An early copy of the paper suggests that if the digital euro is deemed legal tender, merchants within the euro area could be required to accept it.
5. Key Word: HKMA-BIS, Conference
The HKMA-BIS Joint Conference on 24 March. It will also be the first of a series of celebration events for the HKMA’s 30th anniversary. We have invited over 100 representatives from central banks and supervisory authorities, as well as leaders of financial institutions, to attend the Conference. Participants will discuss forward-looking issues for the banking industry including how supervisors and banks can cope with an ever-changing financial environment and the future development of crypto assets.
6. Key Word: CME Group, New Bitcoin Futures
CME Group has gone live with event contracts on Bitcoin futures in a move that further expands the derivatives trading giant’s digital asset offering.
Bear News of Last Week
7. Key Word: Silicon Valley Bank,Bankruptcy Protection
Silicon Valley Bank (SVB) files for Chapter 11 bankruptcy protection in New York. SVB Financial Group says the Group has approximately $2.2 billion in liquidity and that the finance team is evaluating strategic options. the subsidiaries filing for bankruptcy do not include SVB Securities and SVB Capital. silicon Valley Bridge Bank ( Silicon Valley Bridge Bank, N.A. is not included in the Chapter 11 proceedings.
8. Key Word: Ethereum’s “Shapella” Upgrade, 29% Validator Participation Rate
The pressure was on for a successful Goerli testnet launch as it was the last simulation before Ethereum’s “Shapella” upgrade activates live on the mainnet blockchain. When the testnet came around on Tuesday, however, only a 29% validator participation rate was reported. This resulted in a brief delay, caused by some validators running older versions of clients.
9.Key Word: Joe Biden,Banking System, Regulation
President Joe Biden declared the U.S. banking system "safe" and vowed stiffer bank regulation, after U.S. regulators were forced to step in with a series of emergency measures after Silicon Valley Bank and Signature Bank collapse, threatening to trigger a broader crisis.
"Americans can have confidence that the banking system is safe. Your deposits will be there when you need them," Biden said.
10. Key Word: South Korea Prosecutors,Do Kwon
South Korea prosecutors say Serbia ready to help fraud investigation into Terra’s Do Kwon
Prosecutors flew to Serbia earlier this month as part of an investigation into Terraform Labs chief Do Kwon, who faces fraud accusations related to the US$40 billion collapse of his Terra-Luna cryptocurrency project in May last year.
Events coming in this week
1. The Federal Open Market Committee (FOMC) will meet on March 21-22.;
2. Ethereum Layer 2 scaling solution ImmutableX will announce two major updates on March 21;
3. AI artist Claire Silver to show NFT collection at Louvre on March 21;
4. The Federal Reserve will announce its March rate decision on March 22;
5. Arbitrum will airdrop a governance token with the ticker ARB to its community members on March 23;
6. Hong Kong Monetary Authority to Host Basel Committee on Banking Supervision (BCBS) Meeting on March 22-23.
