Bitcoin and Precious Metals Surge Amid Fed Policy Changes and Stablecoin Outflows.
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.