President Nayib Bukele is promoting El Salvador as the “new land of the free,” as part of an invitation for foreigners to move to the Latam country. Bukele tweeted a poster in vintage American style that included several advantages that the country brings its citizen, including the adoption of bitcoin as legal tender.

EL Salvador’s ‘New Land of the Free’ Campaign Invites People to Move in With Bitcoin as Legal Tender

President Nayib Bukele is inviting people to move to El Salvador. Bukele posted a poster in vintage American style where he depicts a classic American family in a living room, calling his country “the new land of the free,” a motto usually applicable to the U.S.

The poster serves to exhibit the achievements that, according to him, his government has reached, principally in the security and monetary policy areas. The poster calls for people to move to El Salvador, explaining that there are “no fentanyl crisis,” “no shootings” and “no lootings,” as a product of the tight security measures that the government has taken during 2022 and 2023.

Also, the poster features the adoption of bitcoin as a legal tender, with El Salvador being the first country in the world that presents this option to tourists and residents. Also, president Bukele has made statements about easing the way of migrants by proposing to give Salvadoran citizenship via bitcoin investments.

Achievements Among Criticism

To some, the poster appears to celebrate the new face that Bukele has brought to El Salvador, making a clear comparison to what the U.S. represented back in the sixties. While heavily criticized for possible violations of human rights in its battle against gangs, Bukele has made security a priority in the country. According to reports, El Salvador finished 2022 with its homicide rate plummeting by 56.8%. Also, Bukele celebrated a milestone of 300 days without homicides on February 14.

However, to get to this point, Bukele had to establish an exception state, with curfews for the population while waging an all-out war with the Maras Salvatruchas, the biggest national gang, since March 2022.

In the poster, great weather and beaches are also promoted. Bukele had stated before that the recovery of tourism in the country, one of the fastest in the world after the Covid-19 pandemic, was in part thanks to the inclusion of bitcoin in the economy of the country and also because of surf.

Bukele has also announced significant investments in landmark beaches like El Zonte, known as Bitcoin Beach due to its adoption. In August, the Salvadoran government destined an investment of $203 million to build support infrastructure for the region including a new drainage system, bridges, and bicycle roads.

What do you think about Bukele’s ‘new land of the free’ poster? Tell us in the comments section below.

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After the U.S. Commodity Futures Trading Commission sued Binance for alleged violations of trading and derivatives rules, a significant amount of cryptocurrency was withdrawn from the exchange. Data from analytics provider Nansen shows $400 million in Ethereum-based funds were withdrawn in 24 hours, and 3,655 bitcoin worth more than $99 million were withdrawn over the past day, according to Coinglass metrics.

3,655 Bitcoin Withdrawn From Binance in 24 Hours

On Monday, March 27, 2023, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and CEO Changpeng Zhao (CZ), alleging the exchange had violated specific trading and derivatives rules. The CFTC is seeking disgorgement and monetary penalties, as well as a ban on future registrations. Following the news, Binance experienced a large number of withdrawals, and some observers noted “large onchain movements prior” to the exchange’s troubles with the CFTC.

“A few hours before the Binance CFTC Indictment, there were large stablecoin withdrawals across centralized exchanges, totaling almost $1.5B in just 12 hours. Notably, Binance itself saw an $850M outflow,” analysts from ‘An Ape’s Prologue’ explained. “Just one hour after the announcement, Binance saw an additional $240M withdrawn,” the researchers noted.

Data from Nansen and Dune Analytics show more than $400 million in Ethereum-based funds were withdrawn in 24 hours. As of writing, Nansen’s proof-of-reserves portal shows Binance holds $63.36 billion worth of cryptocurrency assets. Statistics also show more than 150 million BUSD stablecoins were redeemed on Monday. There’s currently 7.84 billion BUSD in circulation, and 7.1 billion of those tokens are held on Binance.

Binance also holds one of the largest caches of bitcoin, as its cold wallet holds 248,597 bitcoin, the single largest address today. According to Coinglass, Binance’s BTC balance indicates that the exchange has shed 3,655 bitcoin worth close to $100 million over the last day. While Binance saw the most bitcoin outflow over the last 24 hours, Coinglass records indicate that 1,025 bitcoin was withdrawn from Coinbase.

What do you think about the CFTC’s lawsuit against Binance? Share your thoughts about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and loans from SVB, as well as the 17 branches that SVB owned across the United States.

Silicon Valley Bank Purchased by First Citizens in FDIC-Mediated Deal

The FDIC has announced that First Citizens Bank has taken over Silicon Valley Bank (SVB) following the acquisition of Signature Bank by Flagstar seven days prior. According to the FDIC, as of March 10, 2023, SVB had $167 billion in total assets and approximately $119 billion in total deposits. First Citizens Bank purchased $72 billion worth of SVB’s assets “at a discount of $16.5 billion,” the FDIC said. The federal deposit insurance entity also stated that “approximately $90 billion in securities and other assets will remain in receivership for disposition by the FDIC.”

As part of the deal, the FDIC has obtained “equity appreciation rights in First Citizens Bancshares, Inc.” with a value cap of $500 million. Unlike the announcement regarding the acquisition of Signature Bank, there is no mention of cryptocurrency-related content in regard to the purchase of SVB. Prior to its acquisition by First Citizens, Valley National Bancorp had also expressed interest in purchasing the struggling California bank. First Citizens’ CEO, Frank Holding Junior, stated that his company remains committed to supporting venture capital (VC) firms.

“We are committed to building on and preserving the strong relationships that legacy SVB’s global fund banking business has with private equity and venture capital firms,” the First Citizens’ CEO said in a statement.

Silicon Valley Bank One of the ‘Costliest Bank Failures in U.S. History’

The FDIC announced that, in addition to the acquisition of SVB, it estimates the “cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund (DIF) to be approximately $20 billion.” Although the exact cost is yet to be determined, it will be known once the FDIC ends its receivership relationship. According to economics author Joey Politano, this estimate would make SVB one of the most expensive failures in U.S. history.

“FDIC estimates that the failure of Silicon Valley Bank will cost the deposit insurance fund $20B,” tweeted Politano. “This would make it the costliest bank failure in U.S. history, surpassing Indymac’s ’08 failure (which cost $12.4B) and consuming 14% of the insurance fund, which is financed through an assessment on banks.” Compared to Signature Bank’s estimated cost to the DIF of around $2.5 billion, SVB’s losses are significantly greater.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, explained in a note sent to Bitcoin.com News that the SVB acquisition has given the banking sector a brief intermission. However, there is fear of unrealized losses troubling the U.S. banking system. “The development has brought some respite to the beleaguered banking sector in early trade, with Deutsche Bank, hit by such turmoil on Friday, surging by more than 6%,” Streeter said. “In London, Barclays, Standard Chartered, HSBC, and Lloyds all moved higher as a bit more confidence returned.”

Streeter opines that dispersing parts of the failed bank to a new owner may give the regulator more “capacity to deal with problems still threatening to pop up elsewhere, particularly with U.S. regional banks.” However, the Hargreaves Lansdown market analyst says, “the big worry is that they are sitting on big piles of unrealised losses, not just in their bond portfolios, but on other assets which have been battered by the storm of high-interest rates.” Streeter added:

It’s feared that the commercial real estate sector could be the next weakest link as debt matures over the next few years and will need to be refinanced in a market where rates have soared, while valuations have fallen, and there is a lot less money sloshing around.

What do you think about the acquisition of Silicon Valley Bank by First Citizens Bank and the estimated $20 billion cost to the Deposit Insurance Fund? Share your thoughts about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.