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BitKeep And Bitget Join Forces To Host The Sui Futures Airdrop; Get Ready For The Sui Mainnet

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

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.

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.

Register your email here to get weekly price analysis updates sent to your inbox:

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.

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.

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.

Register your email here to get weekly price analysis updates sent to your inbox:

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.

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. BitKeep and Bitget have launched a campaign to introduce the complete Sui ecosystem to crypto enthusiasts worldwide.

Sui and Aptos are both highly anticipated layer 1 blockchains that utilize the Move programming language, which originated from Facebook’s Diem project. With Move, Sui has positioned itself as the first fully permissionless layer 1 blockchain. It boasts excellent security and speed, allowing simple transactions to be verified instantly, while more complex transactions take less than three seconds. This opens up a multitude of possibilities for blockchain sectors such as finance, digital commerce, and gaming.

With the successful launch of Aptos and its relatively high token price, the BitKeep X Bitget Sui campaign is set to offer crypto enthusiasts the opportunity to secure qualifications for exchanging Sui official tokens in advance. Additionally, as the world’s leading and Asia’s largest multi-chain crypto wallet, BitKeep has partnered with several top DeFi protocols on Sui and included them on BitKeep’s integrated DApp explorer, providing users with resources and traffic exposure for DApp ecosystem aggregation, on-chain asset exchange, data analysis, NFT trading, and more. BitKeep offers free Sui testnet token claims with the wallet’s built-in faucet. Let’s kickstart your Sui journey now with BitKeep Wallet!

Trade and Earn Rewards! Guarantee SUIBG Airdrop by Swapping Tokens and Trading NFTs on BitKeep Wallet

BitKeep X Bitget offer SUIBG airdrops for users who engage in trading activities on BitKeep Wallet. Users are guaranteed eligibility for SUIBG airdrop by completing the Token Swap or NFT transaction on any chain on BitKeep (excluding NFT transactions on Arbitrum). SUIBG holders will be 100% eligible to exchange Sui Official Tokens.

The SUIBG airdrop rewards range from 1 SUIBG for swapping tokens and trading NFTs worth $100 and up to 1,000 SUIBG for transactions above $100,000, with increments in between based on the total transaction volume. Do take note that NFT transactions on the Arbitrum network are excluded from this campaign. Check out the campaign page for more details.

Hurry up, click this link to claim a red packet of 5 SUIBG for new BitKeep users!

Get ready for Sui Futures Airdrop, the Credential to Exchange for Sui Official Token

In response to the constant expectation of Sui mainnet tokens and also to further support the development and innovation of the Sui ecosystem, BitKeep X Bitget launched an airdrop campaign for the Sui Futures token ($SUIBG). The SUIBG token is a credential of the Sui official token jointly issued by BitKeep X Bitget. By completing corresponding tasks and holding SUIBG, users are guaranteed eligibility to exchange SUIBG for official Sui tokens in the future.

During the campaign, BitKeep will release exclusive SUIBG airdrops for new users via the official community, Twitter, Sui-related projects, and Web3 KOL social media platforms. Moreover, new and regular users can complete trading tasks in BitKeep Swap or BitKeep NFT Market for extra SUIBG airdrops.

Note: Users who receive SUIBG through red packets must complete a Token Swap or NFT transaction with the wallet address created on BitKeep to be eligible to exchange for official Sui tokens.

BitKeep X Bitget’s Sui campaign promises to offer crypto enthusiasts a comprehensive experience of the Sui ecosystem, allowing them to trade and earn while experiencing the speed, security, and potential of the Sui blockchain.

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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

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.

Source From : News

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