Today’s News Summary about Crypto 27.3.2023

Key Points

Welcome to Monday. Here’s what’s making headlines in the crypto world today:

• First Citizens Bank is set to acquire significant assets of Silicon Valley Bank.
• Bitcoin and ether maintain stability over the weekend.
• Cathie Wood’s Ark Invest acquires $12.6 million in Coinbase shares.

First Citizens to Acquire Silicon Valley Bank

First Citizens Bank will acquire the loans, deposits, and branches of the Silicon Valley Bank. Silicon Valley Bridge Bank, set up by the Federal Deposit Insurance Corp. after the Silicon Valley Bank collapse, will be assumed by First Citizens Bank & Trust Co. Based on a statement from FDIC, all depositors of Silicon Valley Bridge Bank will automatically become depositors of First Citizens Bank, and all deposits taken over by the regional bank will continue to be insured by FDIC. Silicon Valley Bridge Bank reported about $167 billion in assets and almost $119 billion in deposits as of March 10.

Bitcoin and Ether Holding Steady

Bitcoin and Ether held steady over the weekend. Bitcoin increased 1% over the past 24 hours, hovering around $27,900. The cryptocurrency remained in the range of $27,000-$28,000 throughout the weekend after nearly reaching $30,000 earlier last week. Ether, on the other hand, was slightly down in the past 24 hours, settling at about $1,700. Meanwhile, European stocks opened higher on Monday, and U.S. equity futures also inched higher as investors hope for a resolution to banking volatility. Simon Peters, an analyst at the trading platform eToro, noted that a short-term pullback is possible.

Ark Invest Purchases $12.6 Million Worth of Coinbase Shares

Cathy Wood’s Ark Invest bought $12.6 million worth of Coinbase (COIN) shares last Friday, the second day the investment firm purchased the crypto exchange’s stock after the company received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on March 22. This sent the shares plummeting 16% the next day. The stock gained 1.5% on Friday to $67.83. According to an email sent on Friday night, 155,833 shares went to ARK Innovation EFT (ARKK), while 26,395 shares went to ARK Next Generation Internet EFT (ARKW). The Wells Notice is a warning from the SEC that it believes Coinbase violated investor-protection laws and could be a signal that the SEC plans to sue the company.