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Market Panic: Bitwise CIO Reflects on Bitcoin’s Resilience Amid Market Turmoil

Market Panic: Bitwise CIO Reflects on Bitcoin’s Resilience Amid Market TurmoilThe chief investment officer at asset management firm Bitwise has addressed the current market downturn, drawing parallels with the market crash on March 12, 2020, when the Covid-19 pandemic caused global panic. “People smash the sell button for liquid assets during broad-based panics. But from my seat, today’s events play into the long-term story for […]

EigenLayer bolsters restaking with Bitcoin yield, P2P.org payouts

Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector

Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking SectorU.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as the government’s efforts last week failed to quell the country’s financial calamity. Janet […]

EigenLayer bolsters restaking with Bitcoin yield, P2P.org payouts

US credit crunch means it’s time to buy gold and Bitcoin: Novogratz

The Galaxy Digital CEO predicts tough times ahead for the U.S. economy, but continues to be bullish on crypto.

The United States is headed for a credit crunch and now is the right time to buy gold, silver and Bitcoin (BTC), says Galaxy Digital founder and CEO Michael Novogratz.

“We are going to have a credit crunch in the U.S. and globally,” Novogratz explained in an interview on CNBC. "You want to be long gold and silver [...] and you want to be long Bitcoin,” he said.

Speaking on CNBC’s Squawk Box on March 15, Novogratz noted that banks typically rebuild capital by lending less, meaning that a credit crunch is imminent, noting that indicators like the commodities market are already pointing to a recession.

The U.S. banking industry fell into turmoil this month, with Silvergate Bank, Signature Bank, and Silicon Valley Bank (SVB) all collapsing in the same week. Moody's downgraded the U.S. banking system outlook to "negative."

Related: Blame traditional finance for the collapse of Silicon Valley Bank

In the interview, Novogratz suggested a reversal in interest rate policy was on the cards, saying that while the Federal Reserve would “like to do a dovish hike, just for credibility’s sale,” doing so would be a “huge policy error.”

Alongside his prediction of tough times for the U.S. economy, Novogratz expressed a bullish sentiment for crypto, saying:

“If there was ever a time to be in bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we’re seeing that.”

The price of Bitcoin dipped after the collapse of Silicon Valley Bank last week but managed to reach new 2023 highs of $26,514.72 on March 14, according to CoinMarketCap.

EigenLayer bolsters restaking with Bitcoin yield, P2P.org payouts

Digital Currency Group CEO Barry Silbert Responds to Accusations by Gemini’s Cameron Winklevoss With Shareholders Letter

Digital Currency Group CEO Barry Silbert Responds to Accusations by Gemini’s Cameron Winklevoss With Shareholders LetterBarry Silbert, CEO of Digital Currency Group (DCG), has released a letter to shareholders in response to a recent open letter from Gemini CEO Cameron Winklevoss. The letter, issued Tuesday by Winklevoss, calls for the DCG board to force Silbert to step down as CEO. Silbert shared his letter on Twitter and said he had […]

EigenLayer bolsters restaking with Bitcoin yield, P2P.org payouts