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Fear, uncertainty, and doubt (FUD) about Bitcoin stemming from the collapse of a single bank contributed to its downward trend earlier this week.

Yet, the failure of yet another bank may have reversed the publics opinion and brought back support for the king coin. However, Bitcoin may have been affected differently by the Silicon Valley bank run that triggered a drop in USDC.

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The California Financial Institutions Control Board closed Silicon Valley Bank, a significant bank for startups with venture capital backing. It was the first bank insured by the FDIC to go bankrupt in 2023.

The California regulator has designated the FDIC as the receiver to safeguard insured savings, although the reason for the shutdown is unknown. SVB, one of the 20 largest banks in the U.S. by total assets, financed several startups focusing on cryptocurrencies.

Peoples reactions to the SVB failure suggest uncertainty is the current prevalent mood. The process of withdrawing assets for customers with $250,000 or more has sparked discussions based on a thread by Mark Cuban (an American businessman) and the following comments.

In addition, Circle announced in a statement that over $3 billion of its $40 billion was held by SVB. Another negative reaction has been the flight of USDC holders exchanging their holdings for other stablecoins and Bitcoin.

According to Santiment statistics, the accumulation of whales and sharks continued despite the FUD that was caused by the Silvergate crash.

As of this writing, addresses with 10-10,000 BTC had risen to over 67%. Looking at the data, it is clear that on 11 March, there was an upswing in whale and shark accumulation, coinciding with the time that USDC was experiencing a capital flight.

In addition, the volume metric on Santiment revealed some intriguing actions. By 9 a.m. UTC on March 11, BTC volume had already reached 45 billion, and by 17:00 UTC, it had reached 35 billion.

This volume is notable because it is the highest Bitcoin has seen since December. There is little doubt that this is a sign of a rise in business activity. There were more than 39 billion as of this writing.

Even if the amount of trades has increased, most tokens have left exchanges. More and more Bitcoin (BTC) holders are moving their coins off exchanges because of the continuing swap with USDC.

CryptoQuants Netflow measure shows that on 10 March, more BTC left the system than entered; this trend persisted as of this writing.

Looking at the spot price of BTC/USDC at the time of writing, we can see that BTC has increased in value by more than 11% on a daily timeframe. At the time of writing, one Bitcoin was worth roughly $22,600 at the current USDC exchange rate.

Yet, on a daily timeframe, the BTC/USD spot price showed that it had lost almost 1% of its value, trading at around $19,900 and $20,000.

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A possible indicator of the degree of interdependence between conventional finance and cryptocurrency is the publics reaction to the SVB failure, which was focused on Bitcoin and stablecoins.

Even so, Bitcoin showed that, despite its volatility, it could be a viable alternative store of wealth.

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Bitcoin: Fall of Silicon Valley Bank might be a silver lining for BTC, heres why - AMBCrypto News

Digital financial assets (DFAs) for a total exceeding $26 million have been issued in Russia in the past year. This new market has been developing since it was regulated in 2021 and the countrys monetary authority started licensing issuers in the following year.

Less than a year since Central Bank of Russia (CBR)-approved entities began issuing digital financial assets, these have issued DFAs for 2 billion rubles (over $26 million). The data was announced by Ekaterina Frolovicheva, general director of the tokenization service Atomyze.

Speaking at a round table in the Digital Financial Assets New Tool for Attracting Liquidity Public Chamber, Frolovicheva explained that the first DFA issuer was added to Bank of Russias register on Feb. 3, 2022, but the issuing of DFAs started several months later.

Quoted by the Tass news agency, she also noted that the unique features of DFAs make them extremely attractive and that demand is on the rise. For example, hybrid digital rights combine the properties of digital financial assets and utilitarian digital rights, simultaneously certifying a monetary claim and right to demand the transfer of an asset.

Stablecoins, when not intended for settlements, as well as non-fungible tokens (NFTs) can be issued as hybrid digital rights in the Russian Federation. Thats possible under the law On Digital Financial Assets which went into force in January 2021. However, the country has yet to regulate operations with decentralized cryptocurrencies like bitcoin.

Atomyze is one of the platforms authorized by the CBR to issue DFAs, alongside the fintech company Lighthouse, as well as Sberbank and Alfa-Bank, Russias largest state-owned and private bank, respectively. Another entity was recently licensed Distributed Registry Systems, which operates the Masterchain blockchain platform.

Russians will soon be able to invest in DFAs along with other instruments, such as stocks and bonds, while avoiding the risks associated with traditional instruments and bypassing financial market intermediaries, commented Maxim Trofimov, CEO of a company called Digital Assets.

Do you expect the digital assets market to continue to expand in Russia? Share your thoughts on the subject in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchenss 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

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Digital Assets Worth 2 Billion Rubles Issued in Russia in Less Than ... - Bitcoin News