SBF Legal Fees, BTC Market Cap Flips Meta, and USDC Rebounds to $1: Hodler's Digest, March 12-18

Top stories this week Sam Bankman-Fried asks court to prioritize reimbursement of his legal fees

FTX's corporate insurance policies to cover its legal fees, according to a March 15 court filing. According to the filing, the policies give "priority of payment" to policyholders such as Bankman-Fried. The move would put the former CEO at the top of the FTX payout list. Another headline shows that Bankman-Fried's inner circle comes from FTX-related entities. The amounts exclude more than $240 million used for the purchase of luxury properties in the Bahamas, political and charitable donations, as well as "substantial transfers" to non-FTX affiliates. In another headline, FTX Debtors, which means there is a $6.8 billion hole in the exchange's balance sheet.

Signature Bank closed by New York regulators for not providing data

shut down and was taken over by the New York Department of Financial Services on March 12 for "failing to provide consistent and reliable data". The bank asked if it had taken adequate steps to monitor and detect potential money laundering by its customers. Barney Frank Signing, Former Member of the United States House of Representatives, in an Apparent Show of Force Against the Crypto Market.

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USDC bounces back to $1 peg after Fed announcement

, rebounded to its $1 peg following positive developments regarding Circle's $3.3 billion in reserves held by Silicon Valley Bank and its new banking partners: will now be handled by Cross River Bank and BNY Mellon. The stablecoin withdrew from the US dollar on March 10 following the sudden collapse of SVB, triggering the withdrawal of many other stablecoins. The unpegging of stablecoins led to growth in loan repayments over the weekend, allowing debtors to take out loans.

US Fed announces $25 billion in funding to support banks

announced "decisive actions" that would "fully protect depositors" at Silicon Valley Bank and the now closed Signature Bank, including $25 billion in funding to support banks and other depository companies . The Federal Reserve is - including an internal investigation into how the Fed supervised and regulated the financial institution. Amid the sudden collapse, the UK branch of SVB ($1.21), with loans of 5.5 billion pounds ($6.7 billion) and deposits of 6.7 billion pounds ($8 .1 billion).

Bitcoin's market cap topples tech giant Meta and widens gap on Visa

Following the fall of Silicon Valley Bank and Signature Bank, Bitcoin's market cap managed to topple that of tech giant Meta. On March 14, Bitcoin's market capitalization reached $471.86 billion, surpassing Meta's $469 billion, according to data from Companies Market Cap. The major cryptocurrency soared to 11th place among the top assets by market cap, behind electric vehicle maker Tesla. Bitcoin's market capitalization has added over $190 billion in 2023, outperforming major banking stocks on Wall Street, especially as fears of a global banking crisis grow.

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