Crypto collapse ahead? USDC the safest stablecoin in crypto market depegs after Silicon Valley Bank collapse! Coinbase suspends USDC trading

USDC has lost it’s peg… This could be one of those black swan events that could collapse not only USDC, but crypto as a whole…

USDC / Circle has confirmed that they have exposure to Silicon Valley Bank which failed yesterday. Their exposure is disclosed at $3.3B.

Circle says $3.3 billion of USDC reserves are with Silicon Valley Bank
Circle says $3.3 billion of USDC reserves are with Silicon Valley Bank

As a result, USDC has dropped as low as 0.89$ and now it’s hovering around 0.91$…

Next big crypto crash ahead? USDC depegs
Next big crypto crash ahead? USDC depegs

Hopefully it’s just a flash drop, because if USDC collapses like UST (LUNA stable coin that crashed a few months ago bringing down the whole crypto world to a standstill), the only alternative will be USDT or BUSD… Not the most convenient at all…

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The three safest stablecoins to use in crypto finance are indeed USDC (the one that is depegging right now), USDT and BUSD:

USDC is thought to be the safest crypto stable coin
USDC is thought to be the safest crypto stable coin around

Circle have suspended USDC USD conversions, as per their latest statement. While the the trade on USDC is possible on Binance (restarted one hour ago), Coinbase has just suspended USDC trading until Monday.

usdc coinbase trading suspension
usdc coinbase trading suspended

By the way, Coinbase somehow managed to release the perfect crypto ad one day before banks started collapsing… Look at that!

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Here’s a list of the banks that held $9.88 billion cash for Circle’s USDC… Two are already gone and the third one is on the verge of collapsing too…

USDC cash banks
A lot of money will disappear in this crash. Already 2 banks bankrupt. A third on the verge. Beware…

Of course many will say! Hey don’t worry, there was a time when tether (USDT) lost its peg in 2018 for about a week…

USDT depeg 2018
USDT depeg 2018

First UST/Luna, then FTX, then the banks… I think we are truly in another situation than in 2018. It smells like really bad. It smells like it’s the best time for the SEC and all governments around the world to release their evil CBDC and control everything financial…

More: [The block, Coindesk]

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  1. Federal Retards:

    Since most of the SVB were lefty retards and perverts, the Fed retards will bail them out. Just announced. So, I was right yesterday. They say it won’t cost taxpayers. Of course, that is a lie. What do you think we are retarded? Scumbags!

    • Probably be harder to sucker sheeple into digital currency now. Stick to your metals. They will pop hard soon, gold and silver went down for last couple of weeks, but recently popped about 2%.

      Especially, watch silver this week. Gold will probably not double up, but $3,000 an troy ounce is foreseeable.

  2. Unless a currency is backed by gold or silver (historical real currency given the fact that both are “non fungible” meaning their valuations can not be artifically manipulated) then the currency is “fiat”. All “fiat” currencies bite the dust after 40 years by historical standards. All currencies issued by the 84 member countries of the IMF are “fiat”. Their values are determined by confidence and dictated by the issuing entities. Block chain currencies AKA cryptos fall into the same category. They are speculative tokens. However, fungible tokens, are the exception. Tokenized gold is the future of currency.

  3. Unless a currency is backed by gold or silver (historical real currency given the fact that both are “non fungible” meaning their valuations can not be artifically manipulated) then the currency is “fiat”. All “fiat” currencies bite the dust after 40 years by historical standards. All currencies issued by the 84 member countries of the IMF are “fiat”. Their values are determined by confidence and dictated by the issuing entities. Block chain currencied AKA cryptos fall into the same category. They are speculative tokens. However, fungible tokens, are the exception. Tokenized gold is the future of currency.

  4. It seems you are both on the samw wavelength about crypto and Elon… Awesome!

    I am working on a new website layout for strangesounds, where everybody will be able to post. You both will be able to post what you think is right… Then it will be funny to see who gets more resonance…

    You will be kind of master of your own threads and people will be able to vote and comment on your links, videos and pictures… I hope you will enjoy it too!

    Best,

    Manuel

  5. Not too long ago, Elon Musk was the darling/poster boy of the “Christian” Political Right – “right” before his nasty Halloween costume reveal on social media.

    I don’t normally care about crypto news/trainwreck “alternative media” crap like this, but USA Babalon’s currency/riches are in serious trouble. With a huge developmentally disabled/chronically sick or mentally ill population and lack of babies, the debt ceiling will be reached very soon.