Bitcoin and Precious Metals Surge Amid Fed Policy Changes and Stablecoin Outflows.
TL;DR Summary
The collapse of Silicon Valley Bank (SVB), a top-20 US bank, triggered fear in crypto markets as Circle's USD Coin (USDC) depegged. SVB's failure was due to duration risk, not crypto industry exposure. Circle confirmed it could access its $3.3 billion in reserves held at SVB. South Korea launched a Metaverse Fund to support mergers and acquisitions of various metaverse-related companies. The newly launched fund is said to support the country's upper hand in the still-evolving sector.
- Crypto Biz: SVB collapses, USDC depegs, Bitcoin still up Cointelegraph
- 'Next Round of Bailouts Is Here' — Bitcoin and Precious Metals Soar Amid Speculation of Fed Policy Change – Bitcoin News Bitcoin News
- Bitcoin: Road to $30,000 Underway? Investing.com
- Bitcoin price hits $27K in new 9-month high as Fed injects $300B Cointelegraph
- USDC Stablecoin Sees Massive $3 Billion Outflows in Three Days – What's Going On? Cryptonews
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