Last week was tumultuous for risk assets. The NCI lost 3.3%, bitcoin (BTC) was down 4.1%, and ether (ETH) fell 0.5%. The collapse of Silicon Valley Bank added to market unease, resulting in a depeg of Circle's USDC stablecoin and BTC and ETH hitting weekly lows on Friday (US$19,700 and US$1,380 respectively). Nevertheless, crypto markets rebounded as US regulators intervened over the weekend to assure depositors access to their funds from Monday (03/13). Despite initial turbulence, the USDC stablecoin recovered towards its $1 peg.
Federal Regulators Save SVB Depositors, Circle’s USDC dollar peg recovers.
Federal regulators in the US announced a rescue for Silicon Valley Bank, stating that depositors will have access to “all” funds. This news helped stabilize USDC’s depeg as Circle is a large SVB client.
Yuga Labs' Bitcoin NFT Collection Fetches Top Bid of Nearly $160K
The high bid for Yuga Labs' Bitcoin NFT collection shows that NFT’s are still very much alive and may offer new investment opportunities as well as showing a new use case for the bitcoin blockchain.
Amazon NFTs Will Be Tied to Real-World Assets, Token Possible
The potential launch of Amazon NFTs tied to real-world assets could strengthen the tokenization thesis and further mainstream adoption of NFTs.
What to Watch: Investors will continue to monitor further development of the SVB crisis and the effectiveness of the government’s response. On the macro front, CPI is released Tuesday and retail sales and PPI on Wednesday.
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