Bitcoin’s value rises despite Signature Bank’s failure
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Despite the failure of Signature Bank, one of the first banks in the world to invest in Bitcoin, the value of the world’s most popular cryptocurrency continues to rise. Here’s why. What happened to Signature Bank and what is the link to the value of Bitcoin? To begin with, Signature Bank is not your average banking institution. While it is not as big as JP Morgan, it has become known in Italy and around the world for reasons unrelated to the credit system. In particular, Signature Bank has been one of the pioneers in investing in Bitcoin, which has been
Binance, one of the world’s largest cryptocurrency exchanges, announced that the New York-based Signature Bank would handle transactions from its users only if it exceeds $100,000. This move comes as the bank decreases its exposure to digital-asset markets. Accordingly, users may need to use SWIFT bank transfers to buy or…
Binance noted that Signature Bank only services 0.01% of its monthly average users. The exchange also stated that its other banking partners were not impacted by Signature’s decision. Cryptocurrency exchange Binance announced that its SWIFT partner Signature Bank will begin blocking USD transfers lesser than $100,000. Binance made this note…