Bitcoin broke above R470 000 in SA and flirted with $26 000 on Tuesday, as investors digested a week of frightful news from the banking sector. 📈 Read more here 👇
The past week saw several stablecoins, notably USD Coin , depeg from the US dollar. At one point USDC was worth around $0.80 as panicked stablecoin holders offloaded at any price – apparently fearing a repeat of the Terra/Luna stablecoin collapse in 2022.
Stablecoins like USDC are crypto facsimiles of the US dollar that are backed by real assets such as cash and US treasuries. There have been instances where stablecoins have depegged from the US dollar, usually during times of market panic. The largest stablecoin is Tether, which has been the object of regulatory scrutiny for years, due to claims that it was not fully backed by liquid assets.
“A boom in venture capital funding in 2020/21 drove a near tripling in SVB’s largely uninsured deposit base, with the bank investing these deposits in long-dated securities.”
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