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Crypto Goes Wild as Banks Collapse: Buy Bitcoin and Hope for the Best!

Another Day, Another Crypto Bank Goes Bust - Is Anyone Surprised Anymore?

Author

Web3 Shala
March 13, 2023

GM Guys and Gals,

Are you ready for a wild ride? Buckle up, because the cryptocurrency market just hit another pothole, and this one is a doozy.

Silicon Valley Bank (SVB) has gone belly up, leaving stablecoins and investors in a tailspin. If you thought your last breakup was bad, just wait until you see what's happening to the USDC stablecoin. It depegged from its intended $1 price, sinking as low as $0.869 on Kraken exchange. Ouch! Someone get that coin a hug.

Meanwhile, MakerDAO's DAI also depegged from $1, which is like going through a bad breakup with your rebound right after your first breakup. Can we get a therapist in here?

And don't even get us started on gas fees. They've surged faster than a caffeine rush, reaching up to 231 gwei for Ethereum. Who needs a rollercoaster when you have cryptocurrency?

But don't worry, folks. Treasury Secretary Janet Yellen has called a meeting with top financial regulators to discuss SVB's collapse. Because when things get tough, it's time to call in the big guns. We can just imagine them all sitting around a table, scratching their heads, and saying, "What the heck is a stablecoin, anyway?"

And if that's not enough to calm your nerves, Razer CEO Min-Liang Tan has suggested Twitter should buy SVB and turn it into a digital bank. And guess what? Elon Musk is open to the idea. Because when you're in a crisis, it's always good to have a billionaire on speed dial.

So what's next for the crypto market? Will stablecoins stabilize? Will gas fees settle down? Will we ever figure out what the heck is going on? Only time will tell. But until then, let's just sit back, relax, and watch the crypto world burn. Because hey, it's better than watching paint dry, right?

As the crypto world continues to evolve, we will keep you updated on all the latest developments. Stay tuned for more updates from Web3shala.

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That’s it for the day, Web3Shala 👋

To the Moon 🚀