Bitcoin News Official Today TheBitTimes.com

The financial landscape is evolving as new services emerge, offering a range of features that make it easy for users to convert and move funds between crypto and traditional banking. The overlap between traditional finance and crypto currencies has become more pronounced in the last few years, with some online crypto services offering Visa-backed cards supporting crypto payments. However, the infrastructure gap between traditional banking and crypto is barely narrowing. Banks are generally much slower to adopt innovative technologies due to their complex and strict regulatory environment. Management consulting firm McKinsey found that bank IT applications are older than average across industries, indicating sluggish change. When it comes to crypto adoption, banks are even more hesitant, as digital assets rely on decentralized infrastructure while many jurisdictions still cannot propose clear regulations. Many banks stay away from crypto Many traditional banks stay away from cryp...

The BitMEX co-founder says Bitcoin has been on a bull run since the Fed’s $25 billion dollar program aimed at stabilizing the U.S. banking system. Bitcoin (BTC) has been on a bull run for the past six months or so and the market is yet to respond — but it will in around six to 12 months, according to BitMEX co-founder and former CEO Arthur Hayes. In a Sept. 5 keynote speech at Korea Blockchain Week, Hayes argued Bitcoin’s bull run began on March 10, the day Silicon Valley Bank (SVB) was taken over by the Federal Deposit Insurance Corporation. Two days before SVB’s takeover on March 8, Silvergate Bank had gone into liquidation. Two days later on March 12, Signature Bank was forced to close by New York regulators. In response, and in a bid to stop further possible collapses, the Federal Reserve created the Bank Term Funding Program (BTFP) — offering banking loans of up to a year in return for them posting “qualifying assets” as collateral. Hayes speaking at Korea Blockchain Week in Se...

Christine Okike, a lawyer representing BlockFi at its bankruptcy hearing claimed that BlockFi is not in immediate danger and has sufficient funds to continue operating normally. According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg reported. According to the report, BlockFi had $227 million invested in a money market mutual fund that Silicon Valley Bank marketed; nevertheless, the risk is probably related to the performance of the fund, not the bank's financials. https://t.co/xsgWgQRsLy — Cointelegraph (@Cointelegraph) March 11, 2023 During a bankruptcy hearing on Monday, Christine Okike of Kirkland & Ellis claimed that BlockFi is not in immediate danger and has sufficient funds to continue operating normally, including paying employees and vendors. Okike reportedly shared; BlockFi is fine ...