Will crypto recover? Is USDC safe? Let’s discuss the latest cryptocurrency news for bitcoin, ethereum, altcoins, & MORE! SLAP THE LIKE BUTTON! 👋
🚨 Largest US Bank FAILURE (just like 2008)! ⚠️ ‘LAST CHANCE’ Pull your money out!
https://youtu.be/LzfHsPiLldE
Use code ‘ALTCOINDAILY’ for 10% off Bitcoin 2023:
https://b.tc/conference/
Use code ‘AltcoinDailyVIP’ for 10% off Outer Edge
https://www.outeredge.live/
🔴 Kevin Smith Makes Crypto History with First Ever NFT Film (Huge Moment)
https://youtu.be/06zsOekdb5s
🟠Mark Cuban EXPOSES The Crypto Market in 2022 | Full Interview
https://youtu.be/_gmgugoJ4QE
🟣 Why Spike Lee is BULLISH on Bitcoin and NFTs | Full Interview
https://youtu.be/wAOEmO8CZVg
Follow us on Twitter:
https://twitter.com/AltcoinDailyio
Follow me [Austin] on Instagram here:
https://www.instagram.com/theaustinarnold/
TimeStamps:
00:00 Crypto News Today
00:43 USDC Depeg: Everything You Need To Know
01:14 Silicon Valley Bank News | “This Could Wipe Out Everything”
02:01 Stablecoin Firm Circle Reveals $3.3 Billion Exposure to Silicon Valley Bank
03:19 What is USDC Backed By?
04:12 Will USDC Recover? [UPDATE]
06:59 Will Silicon Valley Bank Get a Government Bailout?
***********************************************************************
🏺Support The Channel!!🏺(We Get A Kickback From These Affiliate Links)
— Buy Bitcoin on Coinbase and we both receive $10 in Bitcoin!
https://www.coinbase.com/join/arnold_w23
— Get a Nano Ledger S: Best Way to Keep your Cryptocurrency Safe!
https://www.ledger.com/?r=29fd4d75e9bc
***********************************************************************
#Bitcoin #Cryptocurrency #News #Ethereum #Invest #Metaverse #Crypto #Cardano #Binance #Chainlink #Polygon #Altcoin #Altcoins #DeFi
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, cryptocurrency, crypto, altcoins, altcoin daily, blockchain, best investment, top altcoins, altcoin, ethereum, best altcoin buys, bitcoin crash, xrp, cardano, chainlink, 2023, ripple, buy bitcoin, buy ethereum, elon musk, bitboy, coin bureau, graham stephan, crypto market, bitcoin prediction, the fed, Web3, andrei jikh, cnbc crypto, sbf, ftx, bitcoin crash, crypto podcast, bitcoin price, Crypto News Today, cnbc, cnbc interview, bitcoin crash, sbf, silvergate, crypto bank, Silicon Valley Bank, svb, depeg, usdc, stablecoin, it’s over, Garry Tan
And there will be a catastrophe this is A national security issue because this Is a lot bigger this will Splash across All of the economy in the last 24 hours Usdc the second most popular stable coin And the fifth most popular Cryptocurrency in the world lost its Peg And while technically it's still Operational just under its Peg major Crypto exchanges like coinbase like Binance like Robinhood have all halted Trading at least till Monday there's so Many crypto channels out there just Spreading fear just spreading fud today I want to go over the facts take a look At what backs usdc as well as what this Really means to you and me as crypto Investors stable coin firm Circle Reveals a 3.3 billion dollar exposure to Silicon Valley Bank for a beginner's Guide on what is Silicon Valley Bank and What happened check out yesterday's Video linked down below largest U.S bank Failure just like 2008 but it's Essentially there is a bank run the bank Didn't have enough cash on hand so it Imploded and now it's been taken over by The FDIC and now all these small Businesses that were banking with them They now don't even have the money to Make payroll next week here I have Companies that are calling me saying how Am I going to make payroll all of my Legitimate cash that I was using to plan
Out my plan to be to be able to even Just run the business Um it was in a bank account that I do Not have access to anymore we don't know What's going to happen to the law the Depositors long term but what I can say Is that these thousands of currently Small businesses that would become big Drivers of GDP in the United States over The next 10 years they're never going to Get a chance to actually be that in the Future and that will be to the detriment Of thousands of jobs if not tens of Thousands of jobs at least these Depositors will not survive survive you Know weeks or months And of course after Silicon Valley Bank Collapsed Circle the company behind usdc Very open came out and delivered a Statement Silicon Valley Bank is one of Six banking Partners Circle uses for Managing the approximately 25 portion of Usdc reserves held in cash while we Await Clarity on how the FDIC Receivership of Silicon Valley Bank will Impact its depositors Circle and usdc Continue to operate normally of course Hours after that late last night usdc Stablecoin lost its Peg for the first Time in history so yes it's still Operating but as sure as hell not Operating normally and as stated very Clearly by circle usdc is not 100 backed By cash usdc actually only has 25
Percent of its backing held in cash the Rest is in other Financial products this Is something we knew they had this Directly on their website transparent Agency and stability the stable coins we Issue are built to a higher standard That's why usdc is always redeemable one To one for US Dollars and eurocoin is Always redeemable one to one for euros Always always and this is the exact Breakdown of what exactly backs usdc Stablecoin as of March 9 2023 so this is The usdc in circulation and this is what Backs that usdc we can see while it's The same value amount this black is Actually the 25 cash reserves and then It's backed 75 percent in short dated U.S treasury portfolio and again we can Go into specifics Circle Reserve fund Most other channels aren't sharing this With you but I will here are the Portfolio characteristics of all the Backing that's not cash and what's Important to me in this is we can see The final maturity dates many maturing In these next 30 to 90 days now I wish It was just purely backed one to one Meaning for every stable coin you issue Let's have one real dollar in the bank And I do want to be clear that one of The Silver Linings in all this is that Silicon Valley Bank was just one of six Banking partners for Circle and they did Not lose all 25 percent of their cash
Reserves it was just 3.3 billion those Held in that bank and going that extra Step doing some quick math on this if They had around 43.5 billion dollars in Total back in usdc and they just Potentially lost 3.3 billion if you do The math just like this that's around 7.5 percent of the total Supply usdc Coin is down about seven percent Actually six percent as of now 94 cents On the dollar means it's down six Percent so the math checks out now we Just got a major update as I'm recording This video this just got rid released From circle's Chief strategy officer Slash head of global policy he says Sharing circles update on the Silicon Valley banking crisis we stand behind All usdc in circulation and it's Interesting because he says Banks Introducing risk to crypto was not Contemplated in the policy cards meaning Usually crypto would introduce risk to The banks not Banks being risky for Crypto but nonetheless they're Addressing the issue here is their new Update and what they expect to happen With Silicon Valley Bank and the FDIC we Are hopeful that the FDIC as receiver Will seek a rapid purchase and Assumption of a franchise as strong as Silicon Valley Banks to ensure all Depositors are made whole now what if The FDIC doesn't make people whole it's
Also possible that svb Silicon Valley Bank may not return 100 percent and also That any return may take some time as The FDIC issues ious and Advance Dividends to the deposit holders if that Were to happen in this case Circle as Required by law under stored value money Transmission regulation will stand Behind usdc and cover any shortfalls Using corporate resources involving External Capital if necessary so they're Essentially saying that any usdc in Circulation if the FDIC doesn't handle This circle will make sure everyone is Backed one-to-one now keep in mind I'm Not a financial advisor I have no clue The inner workings of this company so You make your own decisions But as I see it for me as a crypto Investor I have probably two choices if I don't think this is going to recover I Could sell right now and 94 cents on the Dollar or if I think it'll repeg if I Think Circle will get their crap Together I can hold and wait for the Repegging now of course if you kept your Money on a centralized exchange that Choice has been made for you but because Of all this because of the Silicon Valley Bank implosion many notable People are now calling for a bailout Frankly I think Regulators are Completely asleep at the wheel where's Powell where's Yellen two days ago two
Days ago Powell was testifying in front Of the Banking Committee and they asked Him do you see any systemic risks in the Banking system because of the rapid rise In interest rates he said no no systemic Risks and yelling put out a statement Today Jay Cal just to finish the the Thought that they're they're monitoring The situation yes she's sitting there Like a bump on a log I mean it's Ridiculous they need to be out front They don't understand like that this is Skating situation This weekend either this weekend they Place svb in the hands of a JP Morgan They do basically They either do that this weekend or this Thing keeps cascading next week and look I could be wrong maybe they're working On it right now behind the scenes if They are kudos to them they'll have an Announcement before the Market opens on Monday but if they're not and yellen's Just like we're monitoring the situation Great episode great breakdown and of Course this is an ongoing Story the Minute I get new information I will make A video I'll keep you updated and if You're trying to come out and hang in The LA area the bring a friend special Pricing for tickets does end in two days So use code altcoin daily VIP link down Below that one's in California this one Is in Miami Beach May 18th through 20th
Come out Bitcoin 2023 use code altcoin Daily for 10 off your ticket
