EddieJayonCrypto
20 Mar 23
• Fed Chair Powell to hold press conference after FOMC meeting, I expect a 25 basis point move• UBS to buy Credit Suisse for over $3B, Bitcoin surges through $28,028• Silicon Valley Bank assets still unsold, Signature Bank's non-crypto business taken over by NY Community Bancorp• Fidelity expands Bi...
• Fed Chair Powell to hold press conference after FOMC meeting, I expect a 25 basis point move• UBS to buy Credit Suisse for over $3B, Bitcoin surges through $28,028• Silicon Valley Bank assets still unsold, Signature Bank's non-crypto business taken over by NY Community Bancorp• Fidelity expands Bitcoin and Ethereum trading services to retail accounts with 1% fee per transaction• BlackRock CEO Larry Fink highlights US lag in digital payments compared to emerging marketsThe banking industry is proving they have less value for depositors every day and Fidelity is taking advantage of the situation. Here is what is on my mind today.1. The FOMC meeting kicks off tomorrow and then Fed Chairman Powell will have his press conference on Wednesday. I am expecting a 25 basis point move. I know a lot of people are expecting zero, but I don't think there have been any changes to the fight against inflation. The only thing happening right now is the current global banking crisis. I don't think that is enough to call for a 0% move. 2. Credit Suisse is bring bought out by UBS for a little over $3B. This is up from their initial bid of $1B. The deal sounds like the Saudi bank may lose about 80% of their investment in Credit Suisse or about $1B. Bitcoin has blasted through my $28,028 number overnight at least partially powered by this news. Meanwhile, both the banks' stocks have plummeted. Don't call it a bailout? You've got to be kidding me. UBS did not want the deal. 3. A deal that has not happened is the purchase of Silicon Valley Bank assets. The US government is having to put the assets back on the chopping block for the third time. Meanwhile, Signature Bank's non-crypto related business will be taken over by New York Community Bancorp, specifically their Flagstar division beginning today. The FDIC will provide digital banking deposits directly to those customers. I am paying attention to this since there is no news on the crypto-related part of the bank as the US attack on crypto continues. 4. While banks have failed around the world, Fidelity is expanding their Bitcoin and Ethereum trading services to more of their retail accounts. In other words, Fidelity is providing an onramp for cashflow to and from crypto. More importantly, they are giving reason to not put the bulk of your money in banks. That said, they are saying they are offering commission-free trading, but are adding a 1% fee to each transaction. Proving nothing in life is free. 5. I am sure a lot of people are going to lock in on the crypto statements of Larry Fink, CEO of BlackRock. I am focusing on one point he made in particular. We are seeing tremendous advances in digital payments in emerging markets, while developed markets, including the US are lagging. That one statement is truly telling and should have the US government shook.