The Mirror Protocol Unveils Groundbreaking Pre-sale On Its Cutting-Edge Dashboard

On Friday, Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, published a report on the vulnerabilities that led to the ultimate failure of Silicon Valley Bank (SVB). In addition, Marshall Gentry, the chief risk officer of the Federal Deposit Insurance Corporation (FDIC), released a similar report on Signature Bank’s collapse and its overreliance on uninsured deposits.

The Federal Reserve and the FDIC published reports on Friday concerning the fall of the second and third-largest U.S. bank failures in history. The first report, published by the Fed’s vice chair for supervision Michael Barr, claims the central bank’s supervisors failed to recognize the extent of vulnerabilities at Silicon Valley Bank (SVB) as it grew in size and complexity. Barr wrote that SVB had 31 open supervisory findings while other banks had much fewer in comparison.

The report offers a comprehensive perspective, noting that the Federal Reserve’s supervisory approach failed to fully contemplate the ramifications of rising interest rates. Then a slowing activity in the technology sector, ultimately paved the way for the demise of SVB. “The supervision of SVB did not work with sufficient force and urgency, and contagion from the firm’s failure posed systemic consequences not contemplated by the Federal Reserve’s tailoring framework,” Barr said. Barr’s report mentions crypto three times and one instance is located on a bar chart describing risks.

“As I have previously announced, the Federal Reserve has begun to build a dedicated novel activity supervisory group to focus on the risks of novel activities (such as fintech or crypto activities) as a complement to existing supervisory teams,” Barr stated.

FDIC Report Discusses Crypto Risks and SBNY’s ‘Flurry of Negative Press’

The FDIC published its report on Signature Bank’s (SBNY) collapse and the report authored by Marshall Gentry talks a lot more about crypto assets and the FTX failure. Throughout the report, Gentry discusses how liquidity risk management witnessed withdrawals of uninsured deposits rise to critical levels. On page 13, the FDIC report goes into great detail about the crypto industry turmoil that bolstered SBNY’s failure. ”The strategy exposed SBNY to greater susceptibility to liquidity, reputation, and regulatory risk due to the uncertainty and volatility of the digital asset space,” Gentry explained.

The report describes how two cryptocurrencies collapsed in May 2022 (terrausd and luna), leading to additional turbulence in the industry and further discusses the collapse of FTX. It noted that SBNY’s shares were correlated with the crypto industry. “Due to its reputation as a banker to many in the crypto industry, SBNY’s stock price closely tracked these tumultuous events in the crypto industry space and dropped significantly during 2022,” the report notes. Both reports were approved by the Fed’s chair Jerome Powell and the FDIC’s chair Martin Gruenberg.

What’s your take on the reports published by the Federal Reserve and the FDIC on the fall of Silicon Valley Bank and Signature Bank? Let us know your thoughts 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 7,000 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.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

On Friday, Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, published a report on the vulnerabilities that led to the ultimate failure of Silicon Valley Bank (SVB). In addition, Marshall Gentry, the chief risk officer of the Federal Deposit Insurance Corporation (FDIC), released a similar report on Signature Bank’s collapse and its overreliance on uninsured deposits.

The Federal Reserve and the FDIC published reports on Friday concerning the fall of the second and third-largest U.S. bank failures in history. The first report, published by the Fed’s vice chair for supervision Michael Barr, claims the central bank’s supervisors failed to recognize the extent of vulnerabilities at Silicon Valley Bank (SVB) as it grew in size and complexity. Barr wrote that SVB had 31 open supervisory findings while other banks had much fewer in comparison.

The report offers a comprehensive perspective, noting that the Federal Reserve’s supervisory approach failed to fully contemplate the ramifications of rising interest rates. Then a slowing activity in the technology sector, ultimately paved the way for the demise of SVB. “The supervision of SVB did not work with sufficient force and urgency, and contagion from the firm’s failure posed systemic consequences not contemplated by the Federal Reserve’s tailoring framework,” Barr said. Barr’s report mentions crypto three times and one instance is located on a bar chart describing risks.

“As I have previously announced, the Federal Reserve has begun to build a dedicated novel activity supervisory group to focus on the risks of novel activities (such as fintech or crypto activities) as a complement to existing supervisory teams,” Barr stated.

FDIC Report Discusses Crypto Risks and SBNY’s ‘Flurry of Negative Press’

The FDIC published its report on Signature Bank’s (SBNY) collapse and the report authored by Marshall Gentry talks a lot more about crypto assets and the FTX failure. Throughout the report, Gentry discusses how liquidity risk management witnessed withdrawals of uninsured deposits rise to critical levels. On page 13, the FDIC report goes into great detail about the crypto industry turmoil that bolstered SBNY’s failure. ”The strategy exposed SBNY to greater susceptibility to liquidity, reputation, and regulatory risk due to the uncertainty and volatility of the digital asset space,” Gentry explained.

The report describes how two cryptocurrencies collapsed in May 2022 (terrausd and luna), leading to additional turbulence in the industry and further discusses the collapse of FTX. It noted that SBNY’s shares were correlated with the crypto industry. “Due to its reputation as a banker to many in the crypto industry, SBNY’s stock price closely tracked these tumultuous events in the crypto industry space and dropped significantly during 2022,” the report notes. Both reports were approved by the Fed’s chair Jerome Powell and the FDIC’s chair Martin Gruenberg.

What’s your take on the reports published by the Federal Reserve and the FDIC on the fall of Silicon Valley Bank and Signature Bank? Let us know your thoughts 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 7,000 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.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and now expects growth entirely in positive figures, up to 2.0% for 2023.

At a meeting of its Board of Directors on Friday, the Central Bank of Russia (CBR) kept its key interest rate at the current level of 7.5%. The figure has remained unchanged since September 2022. The regulator explained its decision with moderate inflation.

Due to the high base effect, annual inflation in the Russian Federation dropped significantly — to 3.5% in March, from 11% in February, and has been estimated at 2.5% as of April 24, leading Russian business daily Kommersant noted in a report.

Bank of Russia believes that the indicator was held back by the ongoing adaptation of the Russian economy to Western sanctions as well as the increased stocks in a number of commodity groups accompanied by moderate consumer demand.

The monetary authority expects inflation to remain below 4% in the coming months and to begin to gradually grow in the second half of 2023, reaching 4.5 – 6.5% at the end of the period. Previous forecasts were in the 5 – 7% range. However, expectations in the medium term are still skewed towards higher inflation risks.

These are linked to significant labor shortages in some industries, the impact of geopolitical tensions on foreign trade, including tougher sanctions that would further weaken demand for Russian goods abroad and complicate production chains, logistics and financial calculations. The CBR signaled that future rate hikes are possible, elaborating:

In the context of a gradual increase in the current inflationary pressure, the Bank of Russia, at the next meetings, will evaluate the feasibility of raising the key rate to stabilize inflation near 4% in 2024.

Among the short-term risks, the Bank of Russia highlighted “a deterioration in the growth prospects of the global economy against the backdrop of instability in the financial markets of developed countries.” At the same time, amid faster than expected increase in domestic economic activity and demand, the bank improved its forecast for Russia’s economy.

The monetary policy regulator sees the sanctioned nation’s gross domestic product (GDP) growing between 0.5% and 2.0% by the end of 2023. Its previous estimate was partially in negative territory, between a decline of 1% and an increase of 1%. Expectations for the next couple of years remained unchanged — GDP growth in the range 0.5 – 2.5% in 2024 and 1.5 – 2.5% in 2025.

The CBR’s decision to keep the Russian interest rate at its current levels comes amid statements by officials and analysts in Europe and America indicating that further rate increases, before pausing, are to be expected from the European Central Bank and the U.S. Federal Reserve in May.

Do you think the Bank of Russia will raise interest rates later this year? Share your predictions in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and now expects growth entirely in positive figures, up to 2.0% for 2023.

At a meeting of its Board of Directors on Friday, the Central Bank of Russia (CBR) kept its key interest rate at the current level of 7.5%. The figure has remained unchanged since September 2022. The regulator explained its decision with moderate inflation.

Due to the high base effect, annual inflation in the Russian Federation dropped significantly — to 3.5% in March, from 11% in February, and has been estimated at 2.5% as of April 24, leading Russian business daily Kommersant noted in a report.

Bank of Russia believes that the indicator was held back by the ongoing adaptation of the Russian economy to Western sanctions as well as the increased stocks in a number of commodity groups accompanied by moderate consumer demand.

The monetary authority expects inflation to remain below 4% in the coming months and to begin to gradually grow in the second half of 2023, reaching 4.5 – 6.5% at the end of the period. Previous forecasts were in the 5 – 7% range. However, expectations in the medium term are still skewed towards higher inflation risks.

These are linked to significant labor shortages in some industries, the impact of geopolitical tensions on foreign trade, including tougher sanctions that would further weaken demand for Russian goods abroad and complicate production chains, logistics and financial calculations. The CBR signaled that future rate hikes are possible, elaborating:

In the context of a gradual increase in the current inflationary pressure, the Bank of Russia, at the next meetings, will evaluate the feasibility of raising the key rate to stabilize inflation near 4% in 2024.

Among the short-term risks, the Bank of Russia highlighted “a deterioration in the growth prospects of the global economy against the backdrop of instability in the financial markets of developed countries.” At the same time, amid faster than expected increase in domestic economic activity and demand, the bank improved its forecast for Russia’s economy.

The monetary policy regulator sees the sanctioned nation’s gross domestic product (GDP) growing between 0.5% and 2.0% by the end of 2023. Its previous estimate was partially in negative territory, between a decline of 1% and an increase of 1%. Expectations for the next couple of years remained unchanged — GDP growth in the range 0.5 – 2.5% in 2024 and 1.5 – 2.5% in 2025.

The CBR’s decision to keep the Russian interest rate at its current levels comes amid statements by officials and analysts in Europe and America indicating that further rate increases, before pausing, are to be expected from the European Central Bank and the U.S. Federal Reserve in May.

Do you think the Bank of Russia will raise interest rates later this year? Share your predictions in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

PRESS RELEASE. Pleasant Grove, Utah – The Mirror Protocol, a trailblazing decentralized finance (DeFi) project, proudly announces the launch of its highly anticipated pre-sale. This state-of-the-art platform empowers users to seamlessly diversify their portfolios with the most sought-after blue-chip cryptocurrencies available today.

The pre-sale event showcases an extensive array of The Mirror Protocol tokens, including XRP-MP, ETH-MP, ADA-MP, LINK-MP, and MATIC-MP. These tokens yield rewards in premier crypto coins such as #BTC, #BNB, #ETH, #XRP, #ADA, #LINK, and #MATIC, making it an ideal opportunity for participants eager to capitalize on the impressive DeFi blue-chips dominating the market.

Managing Director Roland Arevalo expressed his enthusiasm, stating, “We are thrilled to launch our pre-sale on this groundbreaking dashboard. The Mirror Protocol consistently strives to offer the optimal experience for our participants, and this innovative dashboard enables us to deliver on that promise. We are confident that this pre-sale will provide a secure and efficient experience, and eagerly anticipate the results.”

Director of Marketing Joshua Fox further elaborated, “We are convinced that this pre-sale event presents a unique opportunity for participants to engage with one of the most promising DeFi projects currently on the market. With the introduction of our pre-sale dashboard, we have made it simpler and more secure than ever before to participate in these groundbreaking ventures.”

In addition to the pre-sale event, The Mirror Protocol is thrilled to reveal the recent introduction of its staking platform. Users staking a single Mirror Protocol token can now obtain any or all active Mirror Protocol tokens as volume-based staking rewards, enabling effortless diversification and involvement in blue-chip coins. This pioneering platform offers users an excellent way to earn rewards while immersing themselves in the exhilarating world of DeFi.

The Mirror Protocol’s pre-sale event is NOW LIVE.

To participate, please visit PRE-SALE

Twitter: @MProtocolFuture

Instagram: mprotocolofficial

LinkedIn: TheMirrorProtocol

Website: TheMirrorProtocol.com

Contact us at: outreach@themirrorprotocol.com

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales

Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.