The USDC Depeg! What Happened This Weekend? [ Crypto Espresso 3.13.23 ]

Happy Monday Just kidding there's no such thing as a Happy Monday Dreadful depressing Monday Everyone I'm your host Andrew and this Is crypto espresso your teeny tiny daily Shot of caffeinated crypto headlines Thankfully these headlines are finite And do not occur everywhere all at once First up Silicon Valley Bank customers Have full access to their funds from This morning following a panicked Weekend it comes days after svb was Closed by California's Department of Financial Protection and Innovation with FDIC appointed as the receiver all Deposits have been transferred to a Bridge Bank normal business hours are Now in force with debit cards and ATM Withdrawals fully operational a Statement said all depositors of the Institution will be made whole no losses Associated with the resolution of Silicon Valley Bank will be borne by Taxpayers shareholders and certain Unsecured debt holders will not be Protected Senior Management has also Been removed this weekend's chaos saw Usdc reach a new all-time low of 87 Cents but Bitcoin also traded at its Cheapest price in two months but as the Storm clouds surrounding SC BB begin to Clear digital assets have enjoyed Something of a rebound USD coin is now Once again trading at normal levels with

Bitcoin rallying 13 over the past 24 Hours and breaking through 23 000 There's also a sea of green among Altcoins with ether BNB and cardano all Posting double-digit gains unfortunately Though there are signs that other Financial institutions such as First Republic could be next in line for a Bank run usdc's bounce back will be Especially good news for those who Regarded the d-peg as an Arbitrage Opportunity svb was the 16th largest Bank in America and without question it Was the largest failure of a U.S Financial institution since the 2008 Financial crisis and like many other Banks it had been a presence Internationally including an arm in Britain Silicon Valley Bank UK has now Been snapped up for the princely sum of One pound which is about a dollar Twenty One buy the British arm of HSBC Chancellor Jeremy Hunt the country's Finance Minister also stressed that Deposits would be protected and no Bailout from taxpayers would be Necessary sorry the drama also affected A small Indian bank called SVC on social media panicked concerns Over its Financial Health were raised All because it had a slightly similar Name to svb well the crypto industry's Medium and long-term problems got far Worse on Sunday New York Financial

Regulators seized cryptofocused Signature Bank to prevent a Monday Morning run one combined with silvergate And svb this means the sector's three Main banking partners are suddenly gone And gone with them are the silvergate Exchange Network and signatures Signet Both real-time payment services that let Firms move funds on crypto's 24 7 Schedule rather than relying on the Traditional banking networks that Operate primarily on Bankers hours which Means you're not going to do anything Over the weekend the race is now on to Find Alternatives but this coincides With an increasingly aggressive Clampdown from regulators and finally as You might expect there's growing Exhaustion on crypto Twitter as the Blows keep on coming but despite Comments from the community usdc's Little roller coaster ride is Incomparable to ust's illusion Entrepreneur Andrew Kang explained that The implications from circle's exposure To svb are both negative and positive Supply could drop as holders diversify Risk and defiant C5 liquidity could take A hit but on the other hand surviving Svb's failure could help prove usdc's Resilience and compel Circle to come up With backup plans in case such Emergencies happen in the future at Least with tether we've seen that what

Doesn't kill you makes you stronger he Wrote but all of this chaos won't help Rehabilitate crypto's image which has Already taken a pretty big beating and Speaking of beating eggs can be prepared In a plethora of ways including beaten Into a scrambled concoction perhaps an Omelet what does that have to do with an Engagement meal well it doesn't but I Like eggs you should still probably like This video subscribe to our YouTube Channel and click on that little bell Icon to get buzzed whenever a new crypto Espresso video goes live thoughts on Today's episode well still no comments So keep them to yourself questions about Our headlines or crypto in general why Not ask Alex in that description below Alex is always a great resource for all Things web 3 and the metaverse and that About does it for today again I've been Your host Andrew these have been your Headlines and will see all of your Beautiful shining faces tomorrow

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