The Weekly Pen: Of all things that happened, this is happening

Week 12, wrapping up with the Pen team, with a new twist of the weekly pen format. Giving you the most happening, trending, and impacting news of all things global economy, crypto, payments, finance, investment, politics, tech, and much more, related to the realms in which Penning operates and the world in which we all live. This week offered a range of exciting news, as well as ways to put the past behind us all, mixed with some “doomsday” “prophets”. One thing which the Pen Team has noticed is, ‘they’ might try to scare ‘us’, but we’ve learned from history, and week 12 headliners might just give you that hope you were looking for. So without further ado, have a good read.

GLOBAL ECONOMY#

Janet Yellen to signal further US support for deposits at smaller banks.

UK Inflation jumps unexpectedly to 10.4% in February.

UBS-credit Suisse deal puts Switzerland's reputation on the line.

Bank of England raises interest rates to 4.25% despite banking turmoil.

Swiss regulator defends $17bn wipeout of ATI bonds in Credit Suisse deal.

Federal reserves press ahead with quarter-point rate rise despite banking turmoil.

Sri Lanka, with its economy reeling, is approved for a $ 3 billion rescue loan.

GEOPOLITICS#

Xi-Putin talks highlight Russia's role as a 'junior partner' to China.

JP Morgan and Deutsche Bank must face lawsuits over Jeffrey Epstein ties.

White House economic report shifts stance on crypto from neutral to negative.

Sen. Ted Cruz introduces a bill prohibiting Fed from developing CBDC.

SEC brings charges against promoters of TRX and BTT cryptocurrencies.

Venezuela shuts down crypto mining facilities, amid a corruption probe.

Custodia Bank’s membership was denied for ties with crypto markets.

CRYPTO#

Crypto Giant resumes withdrawals and spot trading after a glitch caused outage.

Signature Bank’s Quick Sale leaves crypto customers in the lurch, FDIC $2.5 billion poorer.

Crypto founder Do Kwon charged with fraud in U.S.

Jake Paul, Lindsay Lohan among 8 charges in SEC cryptocurrency case.

$ 14 trillion earthquake; fidelity and BlackRock are quietly laying the groundwork for the next price run.

SEC plans lawsuit against coin base, according to exchange.

World’s largest asset manager BlackRock is exploring the tokenization of stocks.

Fujitsu is interested in crypto trading services.

Celcius custody account holders can receive 72.5% of their crypto, says bankruptcy judge.

PAYMENTS#

Xapo bank to use USDC stablecoins as an alternative to SWIFT.

Hindenburg takes aim at Dorsey’s payments firm, block shares plunge.

Payments Innovations Tackle Trade Finance Gap as Banks pull back.

Mercedes-Benz building the operating system for in-car payments.

Fintech Circle Applies for a French License and Registration to Deploy its EUROC stablecoin.

The graph integrates on-ramp to enable direct fiat payments.

Supply chain challenges spur new digital payment innovations.

Banking crisis ripple effects hit the payments industry.

Circle picks crypto-friendly France for European headquarters.

BANKING#

Credit Suisse intends to hand out bonuses to its staff despite the $3.25bn rescue deal by UBS.

Silicon Valley Bank collapsed despite being 'woke' not because of it.

Why seniors are blocking entrances to the four largest U.S. banks.

The majority of Swiss want a new UBS-credit Suisse mega bank split up.

Deutsche bank shares slide after a sudden spike in the cost of insuring against ts default.

PacWest Bancorp Lost 20% of customer deposits; raises $ 1.4 billion cash.

America’s banks are missing hundreds of billions of dollars.

Australia’s largest bank breaks blockchain barriers with Ethereum.

FINANCIAL MARKETS#

UBS shares slide 14%, Credit Suisse craters 63% after takeover deal.

Bank jitters put the spotlight on commercial real estate.

Elon Musk says the fed should cut interest rates by half-point after Bill Ackman asks for pause.

Nasdaq aiming to debut crypto custody service by Q2 END.

Credit Suisse collapse burns Saudi investors.

Credit Suisse memorabilia up for grabs in online shops after merger.

Credit Suisse’s $ 17 billion of risky bonds are now worthless.

Goldman Sachs prepares claims trading for wiped-out Credit Suisse debt.

Over $ 50 billion outflows from the world’s largest investment companies in 2023.

INVESTMENTS#

JPMorgan reportedly owned a bunch of rocks that were supposed to be $ 1.3 million of Nickel.

Cathie Wood seels $27 million of TSLA, buys the dip on coinbase.

Block shares plunge after Hindenburg says Jack Dorsey’s company facilitates fraud.

Insiders in the banking sector scoop up shares during the spreading crisis.

Bitcoin’s banking crisis surge will ’attract' more institutions.

Over 1,200 German banks can now offer bitcoin trading to their retail customers.

The banking crisis fuels bitcoin to surpass visa and JPMorgan in market capitalization.

DEFI#

Metamask enables direct crypto purchases in Nigeria.

Tether Aims for $700M profit in Q1 2023, CTO claims.

Stablecoin issuer MakerDAO votes to Retain USDC as primary reserves even after DepEg.

Chaos Labs raises $20M for DeFi protocols’ risk Suite.

Euler Finance hacker sends 51,000 stolen ether back to protocol.

Sushi setups legal defense fund after SEC subpoenas head chef Jared grey and DAO itself.

Consensys’ metamask institutional to add staking marketplace.

SOME FINAL COMMENTS#

From interest rates to crypto, to DeFi and stablecoins, there's always something going on. And while some of these news stories certainly cause concern (banking crises, anyone?), it's also clear that innovation is happening at a breakneck pace.

It's almost as if the traditional banking and payment system is struggling to keep up with the demands of a rapidly changing world. And as we've seen with the rise of cryptocurrencies and DeFi, there's a growing need for more decentralized, transparent, and efficient financial systems.

The traditional banking world is getting so outdated and yearning for change that JPMorgan is literally investing in rocks (dino-age), and Credit Suisse already has memorabilia up for sale.

The need for change and innovation in the banking and payment system is more pressing than ever. And while there may be bumps in the road along the way, the future looks bright for those willing to embrace change and push the boundaries of what's possible.

- Till we yield again

Disclaimer: This article is not financial or investment advice, nor should it be perceived as such. Penning Group and the author shall not be held accountable for any misinterpreted information by the reader. If you are interested in learning more about investing in the DeFi space and in general, please get in touch with us.

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