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FameEX Afternoon Crypto News Recap | March 28, 2023

2023-03-28 15:11:30

Experts Warn of More US Bank Failures Amid Interest Rate Hike and Ongoing Banking Crisis
After the collapse of several banks in the US, there are fears that more could follow due to the Federal Reserve's recent 25 bps increase of the benchmark interest rate. Charles Gasparino, a journalist, believes that Wall Street's "low-rate" addicts are not paying attention to the banking crisis. Meanwhile, Danielle DiMartino Booth, CEO of Quill Intelligence, suggests that the banking industry is facing significant problems that people are hesitant to call a crisis.

UK Treasury Abandons Royal Mint NFT Plans
In April 2022, former Chancellor Rishi Sunak proposed the creation of a government-backed "NFT for Britain" to be developed by the Royal Mint, as part of the UK government's efforts to establish the country as a global leader in crypto-asset technology and investment. However, the UK government has now abandoned these plans, and it is unclear if they will be reconsidered in the future.

Microstrategy Increases 
Bitcoin Holdings to 138,955 BTC with Purchase of 6,455 More Bitcoin
Microstrategy has purchased an additional 6,455 bitcoins for $150 million at an average price of $23,238 per coin, raising its total bitcoin holdings to 138,955, which were procured at an average cost of $29,817 per coin. The company has also confirmed the full repayment of its loan from Silvergate Bank. These actions suggest that Microstrategy remains committed to bitcoin as a long-term asset despite its price volatility and regulatory concerns.

US Government Holds Bitcoin Valued at $5.6 Billion, Majority Seized from Criminals
The US government has acquired 205,515 bitcoins valued at $5.6 billion through three forfeitures since 2020, accounting for around 1.06% of the circulating supply. According to on-chain data from Glassnode, nearly $269 million worth of 9,860 bitcoins were transferred to a Coinbase address on March 9. This significant increase in the government's bitcoin holdings highlights its acknowledgement of the cryptocurrency's potential worth and the importance of staying ahead in the developing digital economy.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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