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Russia Projected to Start Purchasing Chinese Yuan for Its Foreign Reserves as Soon as May

Bitcoin.com
Russia Projected to Start Purchasing Chinese Yuan for Its Foreign Reserves as Soon as May
Bank of Russia
Russia Projected to Start Purchasing Chinese Yuan for Its Foreign Reserves as Soon as MayRussia will start to purchase Chinese yuan for its international reserves as soon as this month, according to reports from Russian economists. While analysts state that the purchases will be small and symbolic in the beginning, these will supposedly demonstrate a turnaround in the economy of the country. Russia to Purchase Chinese Yuan for Reserves […]
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Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting 0,000 – Here’s His Timeline

Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting $160,000 – Here’s His Timeline

Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

Bitcoin.com
Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency
bitcoin.com
Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ CurrencyThe percentage of reserves held in U.S. dollars by central banks has fallen to less than half of the global total of reserves, according to a note from Eurizon SLJ Asset Management. The note states that the recent sanctions enacted by the U.S. against the Bank of Russia have eroded trust in the dollar as […]
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Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting 0,000 – Here’s His Timeline

Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting $160,000 – Here’s His Timeline

Dollar Dominance Fading Amid Growing China Trade, Russia Sanctions Risks, Ray Dalio Says

Bitcoin.com
Dollar Dominance Fading Amid Growing China Trade, Russia Sanctions Risks, Ray Dalio Says
billionaire
Dollar Dominance Fading Amid Growing China Trade, Russia Sanctions Risks, Ray Dalio SaysFewer nations are willing to hold the U.S. dollar as America’s share in the global economy becomes smaller while China’s role in international trade expands, billionaire Ray Dalio noted. The founder of the world’s largest hedge fund also said that Western sanctions on Russia have highlighted new risks of keeping dollar assets. ‘Dollar Is Debt,’ […]
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Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting 0,000 – Here’s His Timeline

Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting $160,000 – Here’s His Timeline

The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy

Bitcoin.com
The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy
$POWER
The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century ItalyAmid the banking chaos of the 21st century, some are looking back more than 600 years ago, to the Medici Bank — one of the most powerful banks of its time. It established its business and became one of the most respected banks in Europe during its prime, and the prominent Italian family of bankers […]
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Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting 0,000 – Here’s His Timeline

Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting $160,000 – Here’s His Timeline

Binance Experiences Significant BTC, ETH, and Stablecoin Withdrawals Following CFTC Lawsuit

Bitcoin.com
Binance Experiences Significant BTC, ETH, and Stablecoin Withdrawals Following CFTC Lawsuit
24 hours
Binance Experiences Significant BTC, ETH, and Stablecoin Withdrawals Following CFTC LawsuitAfter the U.S. Commodity Futures Trading Commission sued Binance for alleged violations of trading and derivatives rules, a significant amount of cryptocurrency was withdrawn from the exchange. Data from analytics provider Nansen shows $400 million in Ethereum-based funds were withdrawn in 24 hours, and 3,655 bitcoin worth more than $99 million were withdrawn over the […]
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Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting 0,000 – Here’s His Timeline

Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting $160,000 – Here’s His Timeline

Analyst Predicts Gold Prices Might Exceed $8,000 in the Next Decade as Central Banks Lose Confidence in Foreign Currency

Bitcoin.com
Analyst Predicts Gold Prices Might Exceed ,000 in the Next Decade as Central Banks Lose Confidence in Foreign Currency
bitcoin.com
Analyst Predicts Gold Prices Might Exceed ,000 in the Next Decade as Central Banks Lose Confidence in Foreign CurrencyJan Nieuwenhuijs, a gold market analyst, has predicted that gold might exceed prices of $8,000 during the next decade, as the current Ukraine-Russia war, and the worldwide battle against inflation, shift the preference of central banks for foreign currencies to gold. The proposed long-term price model shows that each troy ounce of the metal might […]
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Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting 0,000 – Here’s His Timeline

Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting $160,000 – Here’s His Timeline

Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash

Coin Telegraph
Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash
CEX

The collapse of FTX led to a similar exodus from centralized exchanges, as users worried they may lose access to funds during crises.

The collapse of Silicon Valley Bank saw investors loading their bags with USD Coin (USDC), along with an exodus of funds from centralized exchanges (CEXs) to decentralized exchanges (DEXs).

Outflows from centralized exchanges often spike when the markets are in turmoil, blockchain analysis firm Chainalysis said in a March 16 blog post, as users are likely worried about losing access to their funds when exchanges go down.

Funds sent from CEXs to DEXs following SVB’s collapse. Source: Chainalysis.

The Chainalysis data shows that hourly outflows from CEXs to DEXs spiked to over $300 million on March 11, soon after SVB was shut down by a Californiaregulator.

A similar phenomenon was observed during the collapse of cryptocurrency exchange FTX last year, amid fears that the contagion could spread to other crypto firms.

However, data from the blockchain analytics platform Token Terminal suggests that the surge in daily trading volumes for large DEXs was short-lived in both cases.

Daily trading volumes for large DEXs from September to March. Source: Token Terminal

USDC was identified as one of the top assets being moved to DEXs, which Chainalysis said was unsurprising given that USDC depegged after stablecoin issuer Circle announced it had $3.3 billion in reserves stuck on SVB, prompting many CEXs like Coinbase to temporarily halt USDC trading.

Related: Circle clears ‘substantially all’ minting and redemption backlog for USDC

What was surprising, Chainalysis noted, was the surge in USDC acquisitions on large DEXs such as Curve3pool and Uniswap. “Several assets saw large spikes in user acquisition, but none more than USDC,” the blockchain analysis firm wrote.

Token acquisitions on Uniswap from March 7 to March 14. Source: Chainalysis

Chainalysis theorized that this was due to confidence in the stablecoin, with some crypto users loading up on USDC while it was relatively cheap and betting that it would regain its peg — which it did on March 13 according to CoinMarketCap.

USDC’s brief depeg from March 11 to March 13. Source: CoinMarketCap
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Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting 0,000 – Here’s His Timeline

Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting $160,000 – Here’s His Timeline

Circle ‘able to access’ $3.3B of USDC reserves at Silicon Valley Bank, CEO says

Coin Telegraph
Circle ‘able to access’ .3B of USDC reserves at Silicon Valley Bank, CEO says
$3.3 billion

Circle’s earlier disclosure that $3.3 billion worth of USDC reserves were held with Silicon Valley Bank resulted in it losing market share to its competitor USDT.

Circle CEO and co-founder Jeremy Allaire says that since March 13, the stablecoin issuer has been “able to access” its $3.3 billion of funds held with the collapsed bank, Silicon Valley Bank.

Speaking with Bloomberg Markets on March 14, Allaire said that he believed that “if not everything, very close to everything was able to clear” from the failed lender.

USD Coin (USDC) — the stablecoin issued by Circle — briefly de-pegged following news that $3.3 billion of its cash reserves were stuck on SVB.

The stablecoin’s dollar peg has since recovered, but mass redemptions of USDC have resulted in the market cap of the stablecoin dropping by nearly 10% since March 11, according to TradingView.

The market cap of USDC from March 8 to March 14. Source: TradingView

Meanwhile, throughout the same timeframe, USDC peer Tether (USDT) has recorded a slight increase in its market cap since March 11, climbing by over 1% to $73.03 billion.

Related: USDC depegged because of Silicon Valley Bank, but it's not going to default

The temporarily locked funds had a significant effect on USDC, even though the $3.3 billion represented less than 8% of the token’s reserves, according to its January reserve report released on March 2.

The report asserted USDC was over 100% collateralized with over 80% of the reserve consisting of short-dated United States Treasury Bills — highly liquid assets thatare direct obligations of the U.S. government and considered one of the safest investments globally.

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Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting 0,000 – Here’s His Timeline

Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting $160,000 – Here’s His Timeline

USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement

Bitcoin.com
USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement
bitcoin.com
USDC Stablecoin Nears Parity With USD After Fed’s Bailout AnnouncementThe stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank. […]
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Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting 0,000 – Here’s His Timeline

Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting $160,000 – Here’s His Timeline

Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears Rise

Bitcoin.com
Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears Rise
bitcoin.com
Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears RiseThe Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several factors which led the population to believe there might be a devaluation […]
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Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting 0,000 – Here’s His Timeline

Legendary Trader Peter Brandt Says Bitcoin Has 25% Chance of Hitting $160,000 – Here’s His Timeline

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