Home / Dogecoin News /Biggest Movers: LINK Climbs Above $7.00, As DOGE Rebounds From Recent Decline

Biggest Movers: LINK Climbs Above $7.00, As DOGE Rebounds From Recent Decline

17 Mar 2023

On March 17, 2023, SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company stated that it is no longer associated with Silicon Valley Bank (SVB) after the Federal Deposit Insurance Corporation (FDIC) placed it into receivership last week.

On Friday, SVB Financial Group released a press release detailing its voluntary petition for a court-supervised reorganization under Chapter 11 bankruptcy protection. The announcement stated that the purpose of the filing is to preserve the remaining value of the company. The bankruptcy filing does not involve three entities, including the FDIC-operated bridge bank Silicon Valley Bank, N.A., SVB Securities, and SVB Capital’s funds.

The financial institution’s three verticals are still operating as they were before SVB was placed into FDIC receivership. SVB Financial Group stated that it holds “approximately $2.2 billion of liquidity” and has funded debt of “approximately $3.3 billion.” The financial company also has $3.7 billion of outstanding preferred equity, which will be utilized to evaluate strategic alternatives, as per the firm’s explanation.

“The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities,” the chief restructuring officer for SVB Financial Group, William Kosturos, said in a statement. “SVB Capital and SVB Securities continue to operate and serve clients, led by their longstanding and independent leadership teams.” Kosturos continued:

SVB Financial Group will continue to work cooperatively with Silicon Valley Bridge Bank. We are committed to finding practical solutions to maximize the recoverable value for stakeholders of both entities.

The filing for Chapter 11 follows reports that Silicon Valley Bank CEO Greg Becker faces scrutiny for selling $3 million worth of SVB shares prior to the bank’s collapse. The Daily Mail reported that Becker and his wife flew first class to their residence in Maui, Hawaii after the bank failed. Becker, who had worked at SVB for over 30 years, was fired by U.S. president Joe Biden when the FDIC took over, along with SVB’s top lieutenants.

What impact do you think SVB Financial Group’s bankruptcy filing will have on the future of Silicon Valley Bank? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals

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On March 17, 2023, SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company stated that it is no longer associated with Silicon Valley Bank (SVB) after the Federal Deposit Insurance Corporation (FDIC) placed it into receivership last week.

On Friday, SVB Financial Group released a press release detailing its voluntary petition for a court-supervised reorganization under Chapter 11 bankruptcy protection. The announcement stated that the purpose of the filing is to preserve the remaining value of the company. The bankruptcy filing does not involve three entities, including the FDIC-operated bridge bank Silicon Valley Bank, N.A., SVB Securities, and SVB Capital’s funds.

The financial institution’s three verticals are still operating as they were before SVB was placed into FDIC receivership. SVB Financial Group stated that it holds “approximately $2.2 billion of liquidity” and has funded debt of “approximately $3.3 billion.” The financial company also has $3.7 billion of outstanding preferred equity, which will be utilized to evaluate strategic alternatives, as per the firm’s explanation.

“The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities,” the chief restructuring officer for SVB Financial Group, William Kosturos, said in a statement. “SVB Capital and SVB Securities continue to operate and serve clients, led by their longstanding and independent leadership teams.” Kosturos continued:

SVB Financial Group will continue to work cooperatively with Silicon Valley Bridge Bank. We are committed to finding practical solutions to maximize the recoverable value for stakeholders of both entities.

The filing for Chapter 11 follows reports that Silicon Valley Bank CEO Greg Becker faces scrutiny for selling $3 million worth of SVB shares prior to the bank’s collapse. The Daily Mail reported that Becker and his wife flew first class to their residence in Maui, Hawaii after the bank failed. Becker, who had worked at SVB for over 30 years, was fired by U.S. president Joe Biden when the FDIC took over, along with SVB’s top lieutenants.

What impact do you think SVB Financial Group’s bankruptcy filing will have on the future of Silicon Valley Bank? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals

A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.

Dogecoin rebounded from a recent decline on Friday, as cryptocurrency markets shook off yesterday’s bear wave. The meme coin has now risen by over 5%, a day after falling by the same sum. Chainlink was another notable mover, as prices climbed by over 7%.

Dogecoin (DOGE) rose by as much as 5% in today’s session, as the meme coin recovered from yesterday’s bear run.

Following a low of $0.07007 on Thursday, DOGE/USD raced to an intraday high of $0.07579 earlier today.

The move came as dogecoin bulls bought yesterday’s dip, which saw prices fall to a floor at the $0.07000 mark.

Looking at the chart, the rally also coincided with the 14-day relative strength index (RSI) breaking out of a ceiling at the 45.00 mark.

As of writing, the index is marginally above this point, with a current reading of 45.52.

The next visible point of resistance appears to be a ceiling at 47.00, which seems to be a reason why earlier bulls have begun to abandon previous positions.

In addition to DOGE, chainlink (LINK) was also in the green in today’s session, with prices trading by as much as 7% higher.

LINK/USD rose to a peak of $7.17 earlier in today’s session, after falling to a floor at $6.57 the day prior.

Friday’s rally came after LINK bears failed to sustain a breakout at a long-term support point of $6.60.

However, bulls were able to move past a point of resistance at 50.00 on the RSI, which was one of the catalysts of today’s climb.

As of writing, the index is tracking at 52.71, which is close to a ceiling at the 54.00 zone.

In the short-term bulls may attempt to send the token to $7.50, however there appear to be several obstacles in the way that could prevent this.

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Tags in this story
Analysis, Chainlink, Doge, dogecoin, LiNK

Do you believe that chainlink will hit $7.50 this weekend? Let us know your thoughts in the comments.

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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