The cryptocurrency crisis kicked into high gear on Saturday morning, as the collapse of Silicon Valley Bank (SVB) caused some of the company’s most successful ventures to collapse.

Stablecoin prices fluctuated sharply with rising gas prices as investors rushed to transfer cash hours after regulators shut down SVB among the run-of-the-mill banks, which have ties to crypto. It is the second crypto-linked bank to fail this week. Finally, Treasury Secretary Janet Yellen convened the central bank to discuss SVB’s failure.

In no time, the crypto market has gone into turmoil, suggesting that the year-plus bear market has entered the dark ages. There were echoes of the global financial crisis of 2008, when bad news continued to follow even more.

Although in the case of crypto, which does not have a central bank like the Federal Reserve that can bail out the company, the question remains: how will this end? Circle Internet Financial’s stablecoin USDC has been significantly removed from its forecast price of $1 – a devastating development for a product designed as a safe haven for investors to park their money.

The USDC/USDT version (which crosses the Circle coin to the largest Tether) fell to $0.89 on the Kraken exchange at 03:49 UTC on Saturday – much lower than it has been amid market tensions following the FTX debacle and November. The Financial Services Agency confirmed late Friday that approximately $3.3 billion of the securities backing the world’s second largest coin are locked in SVB.

Stablecoins derive their value from these securities; If someone is worth more than $43 billion – as the USDC was earlier on Friday – there will be something like a large currency or financial instrument invested as a hidden currency. USDC market capitalization has dropped below $40 billion.

USDT, meanwhile, at one time reached $ 1.06 on Kraken against the US dollar, a level that is almost not reached as investors seem to be transferring money to USDC. Bitcoin has risen.

Gas bills, which measure how much it costs to complete a transaction above, have increased. For Ethereum, the central gas price rose to around 231 gwei, from around 20-40 previously seen on Friday, according to Nansen.ai.

Crypto was born following – and, for some, in response – the 2008 crisis. The book Bitcoin by Satoshi Nakamoto started in a world where the government still supported the financial system by investing in it. Crypto has no such central authority. If SVB clients, including Circle and the USDC stablecoin, are forced to take a haircut on their funds, the outcome is unclear.

#binancefeed #newscrypto

#bitcoin recent surge is attributed to major #newscrypto stories, including

The International Monetary Fund's digital currency infrastructure, and BlackRock's $9 trillion asset manager filing for a spot ETF.

Deutsche Bank's crypto custody business,

Mastercard's blockchain software application,

Wisdom Tree's filing for a spot ETF, EDX Markets.

UK parliament approves #crypto

If Blackrock And Other ETFs Gets Approved Then BTC Will Pump 🔥 more. This is Looking Like Bullrun has started 📈

These developments highlight the growing interest in Bitcoin and its potential for growth.

#BTC already making that BULL move

What COINs are you buying in preparation for the bullrun?

Drop your comments 👇 guys

The #cryptocurrency market has reached a total capitalization of $2 trillion, which is a significant increase since the beginning of the year.At the beginning of the year, the cryptocurrency market reached a total capitalization of $2 trillion, a remarkable achievement for this new and emerging industry. This indicates significant growth and increased interest in cryptocurrencies from investors and market participants.

Cryptocurrency #market capitalization is the sum of all cryptocurrencies available in the market multiplied by their current market price. It is an important indicator that reflects the size and value of the entire market. Cryptocurrency market capitalization is calculated by multiplying the total number of coins or tokens available for circulation by their current price.

Reaching the $2 trillion mark indicates the growth of the cryptocurrency market in a short period of time. This growth is explained by several factors. First, cryptocurrencies have become more widely accepted and used in various fields, including financial institutions, retailers and investment companies. A large number of new projects and #blockchain technologies have also attracted the attention of investors and market participants.

In addition, the influence of major industry players such as Tesla, #PayPal , and banks that have begun to offer cryptocurrency-related services have also played a role in increasing interest in cryptocurrencies. These events gave more publicity and recognition to cryptocurrencies, attracting new participants and investors.

However, it should be noted that the cryptocurrency market is characterized by high volatility, and prices can fluctuate dramatically. Cryptocurrency market capitalization can also fluctuate over time as many factors, including news, regulatory measures, changes in supply and demand, and the overall economic environment, affect the market.

#newscrypto