FameEX Afternoon Crypto News Recap | March 28, 2023

Anticipated Increase in US Bank Failures Due to Interest Rate Hike and Unresolved Banking Crisis, Say Experts
https://www.fameex.com/en-US/news/crypto-trending-news-2023032803
Following recent bank collapses in the U.S., concerns are growing that more failures could occur following the Federal Reserve's increase of the benchmark interest rate by 25 basis points (bps). Journalist Charles Gasparino suggests that Wall Street's "low-rate" addicts are ignoring the U.S. banking crisis. Meanwhile, Quill Intelligence CEO Danielle DiMartino Booth claims that the banking industry is facing problems that "nobody wants to call a banking crisis."

UK Treasury Drops Plans for Royal Mint NFT
The UK government has abandoned plans to launch a government-backed "NFT for Britain," proposed by former Chancellor Rishi Sunak in April 2022. The Royal Mint had been asked to create the NFT as part of the government's goal to position the UK as a global hub for crypto-asset technology and investment. However, the plans have been shelved, and there is no indication that they will be revived anytime soon.

Microstrategy Acquires 6,455 Additional Bitcoin, Boosting its Total Holdings to 138,955 BTC
Microstrategy has acquired 6,455 more bitcoins at an average price of $23,238 per coin, amounting to $150 million. This latest purchase has increased the company's total bitcoin holdings to 138,955, which were acquired at an average cost of $29,817 per coin. Furthermore, Microstrategy announced that it had fully paid off its loan from Silvergate Bank. This move indicates Microstrategy's continued commitment to investing in bitcoin as a long-term asset, despite its price fluctuations and regulatory uncertainty.

US Government's Bitcoin Holdings Worth $5.6 Billion, Primarily Seized Stash
The US government currently holds 205,515 bitcoins worth $5.6 billion, which were obtained through three forfeitures that began in 2020. This stash represents approximately 1.06% of the circulating bitcoin supply. Recently, Glassnode's on-chain data showed that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address. The US government's increasing bitcoin holdings demonstrate its recognition of the cryptocurrency's potential value and the need to stay competitive in the evolving digital economy.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.