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USDT depegged today but Why?About 12 hours ago, whale"0x3356" created a new address to deposit 52.52M USDC and borrowed 40M USDT on Aave and Compound then he started depositing 40M USDT into Coinbase and Kraken 6 hours ago, USDT started depegging after whale"0x3356" deposited USDT to exchanges and whale"0x3356" withdrew 25M USDC from Coinbase 4 hours after depositing USDT. then about 5 hours ago, 2 whales sold a total of 9.6M USDT at a similar time after USDT depegged, CZSamSun shorted USDT on AaveV2 4 hrs ago,Whale"0xd275" started to borrow USDC from Aave and Compound and buy USDT for arbitrage after CZSamSun shorted USDT USDT started back to the peg, but due to multiple FUDs, whales keep dumping USDT USDT further depegged.. pro traders trade coins legends trade stable coins
by moonypto
10
🔥 USDC Severely Depegging: Crypto Contagion Spreading! 🚨The USDC stablecoin, once argued to be the 'safest' of all stablecoins, is currently depegging against the nominal $1 value. The reason behind the initial depeg was caused by the news that Circle, USDC's parent company, has part of her funds stalled at the recently defaulted $SIVB Silicon Valley Bank, which would in turn mean that a lot of USDC's backing has vanished. This depeg was exacerbated by Coinbase pausing the USDC <> USD conversions. This spooked the market and is currently causing a lot of distress among investors, look at BTC's chart for example. Should you sell your USDC? Likely not. In the chart below you can see that depegs like the current one have happened before. In 2021 the depeg was even worse at one point. If history is any indication, this will blow over just like it always has been for USDC and USDT. Furthermore, according to the first tweet, only 8% of USDC's backing funds have been lost with the $SIVB collapse, which should not be that much of an issue. However, if other crypto-related banks will default in the near future, the depeg can get worse very quickly. Please share your thoughts below🙏
by FieryTrading
9
Binance introduces USDC/USDT pair to help Circle CollapseAfter Luna`s stablecoin collapse, UST: Now Binance, the biggest crypto exchange, recently introduced the USDC/USDT pair, and now it`s users are able to transform their USDC into Tether. And let`s be honest, who wouldn`t to that amid this market uncertainty?! On Saturday, the USD Coin (USDC) stablecoin experienced a drop in value below its dollar peg and reached a historical low. However, it later recuperated most of the losses after Circle, the company in charge of it, provided reassurance to investors that they would uphold the peg despite their connection to the struggling Silicon Valley Bank. Circle stated in a tweet on Friday that $3.3 billion of their $40 billion in USDC reserves are held in Silicon Valley Bank!! I think CZ listed this USDC/USDT pair on purpose, to generate a bank run out of its rival Circle, while they don`t have access to the full USDC liquidity. Watch out for those Top 5 investors in Circle as well: 1. Goldman Sachs: Goldman Sachs was one of the earliest investors in Circle, participating in a $50 million funding round for the company back in 2015. Since then, the investment bank has continued to support Circle, participating in subsequent funding rounds and helping to promote the adoption of Circle's products. 2. Digital Currency Group: Digital Currency Group is a venture capital firm focused on investing in companies in the cryptocurrency and blockchain space. The firm has invested in numerous companies in the industry, including Circle. Digital Currency Group participated in a $110 million funding round for Circle in 2018, and has continued to support the company since then. 3. Breyer Capital: Breyer Capital is a venture capital firm founded by Jim Breyer, a prominent investor in the technology industry. Breyer Capital has invested in a number of successful technology companies, including Facebook and Spotify. The firm participated in a $50 million funding round for Circle in 2015. 4. Accel: Accel is a global venture capital firm that has invested in numerous successful technology companies over the years, including Facebook, Dropbox, and Slack. Accel participated in a $60 million funding round for Circle in 2016. 5. Pantera Capital: Pantera Capital is a hedge fund focused on investing in cryptocurrencies and blockchain technology. The firm has invested in numerous companies in the industry, including Circle. Pantera Capital participated in a $50 million funding round for Circle in 2015, and has continued to support the company since then. Looking forward to read your opinion about it!
Short
by TopgOptions
Trading Stablecoins: USDC/USDT (New Market) About 2 hours ago, the crypto exchange OKX opened the futures market for the USDC/USDT pair. Both are stablecoins, but one of them is actually not stable at all. Combined with good timing & a safe strategy, you can actually make a lot of money here. Due to the small range this ratio is moving in, you'll have to use leverage/ trade the perpetual-futures contract. Therefore, you need to be careful when it comes to the liquidation of your position. Use a tight stop-loss, set your take-profit order & try not fall into a gambling pattern by risking it all. Everything else is mentioned on the chart. I hope you like it, ARESABI
by Anton_XBT
4
Banking on Disaster: Fed Continues to TightenThe Federal Reserve's extreme tightening just caused the second-largest bank collapse in U.S. history (in nominal dollars). In this post, I will explain just how far the contagion is likely to spread, and why this is likely just the start of what may be widespread liquidity crises. In early 2022, in order to mitigate the record inflation it caused, the Fed began hiking interest rates. By mid-2022, the Fed was raising interest rates at the fastest pace on record. The rate of change (or ROC) in Treasury yields began to rise parabolically. Below is a chart that I posted back in August 2022 to show how extreme the rate of change was for the 2-year U.S. Treasury bond yield. Since bond prices move inversely to yields, bond prices began to fall sharply in 2022 as yields were rising. In October 2022, I posted the below ratio chart of TLT and M2SL to illustrate the immense wealth destruction that holding Treasury bonds was having for investors and institutions. I warned that what was occurring is destabilizing. To understand how I used the ratio chart of TLT and M2SL to conclude that, due to the Fed's extreme tightening, destabilizing wealth destruction was occurring for bondholders, you can see my post below. By late 2022, it became a mathematical certainty that liquidity crises would occur. Many market participants who were holding extremely low-yielding bonds were experiencing extreme losses because of the Fed's extreme rate hikes. Such losses are unrealized unless the bondholders are forced to liquidate while yields are much higher than when the bonds were purchased. For those who recall what happened in October 2022, pension funds in the UK were forced to liquidate their highly leveraged bond positions at a loss due to margin calls. This caused the Bank of England to quickly pivot in order to avert a major liquidity crisis for pension funds. Silicon Valley Bank ( SIVB ) however was not as lucky as UK pension funds. SIVB was at the forefront of the central bank-engineered liquidity crisis because of its unique clientele: debt-dependent start-ups. As liquidity was being destroyed by the Fed at a record pace in 2022, start-ups, which are heavily reliant on debt and cheap money to continue operations and generate growth, began to draw down their deposits as cash evaporated and borrowing became more expensive. This in turn forced SIVB to liquidate its bond holdings at a major loss, similar to the UK pension funds in October 2022. Once Silicon Valley Bank reported this major loss to the public, the market suddenly began to fear its viability. Within days, the bank collapsed. The collapse of SIVB occurred with an estimated 85% to 96% of all deposit amounts not being FDIC-insured. This means that most of the $175 billion in deposits at the time of the collapse may be partially or totally unrecoverable. Two things about the bank's collapse are remarkable: First, the unprecedented speed by which the bank collapsed and was seized by the FDIC, and, second, the overwhelming majority of the money deposited in the bank was not FDIC-insured. This is quite concerning because such a lack of FDIC insurance on deposits undermines the public's faith in the FDIC to maintain banking stability. Such a lack of insurance also causes actual liquidity contagion. Circle, the company that manages the USDC stablecoin, has confirmed that $3.3 billion of its U.S. dollar reserves were in the now-collapsed bank. At the time of writing, Circle does not know if or when the FDIC will come to the rescue. It's possible that neither the FDIC nor the U.S. Treasury comes to Circle's rescue, as neither entities are eager to support the cryptocurrency industry, which undermines U.S. dollar hegemony. The FDIC, therefore, faces a major conundrum: Maintain the public's faith in FDIC-guaranteed banking and ensure there is no liquidity contagion, at the expense of acting as a protector of stablecoins and cryptocurrency, and more generally, increasing moral hazard. Nonetheless, this fear that the FDIC may not come to the rescue has caused USDC to de-peg from the US dollar. Each USDC is now worth less than one US dollar, as shown in the chart below. Upon seeing USDC rapidly de-pegging, the cryptocurrency exchange platform, Coinbase, decided to temporarily freeze USDC conversion into U.S. dollars, forcing a reprieve in USDC's de-pegging. Nonetheless, at the time of writing, USDC is still teetering on the brink of collapse, having lost nearly 90% of the Tether ( USDT ) in its 3pool currency reserves. USDC instability is now spilling over into other cryptocurrency spaces that rely on USDC maintaining a stable value. One such space is the AAVE protocol. AAVE is an Open Source Liquidity Protocol that operates on the premise that only "low-risk tokens" such as USDC be used as collateral and as a lending pool reserve. Now that USDC has de-pegged from the U.S. dollar, any collateral that was pledged in USDC is now suddenly worth less. This is destabilizing the liquidity and reserve structure of the AAVE protocol. AAVE currently has $6 billion of locked liquidity across its networks. Although it is possible that the FDIC can fully resolve the crisis caused by the Silicon Valley Bank collapse, it is likely that volatility may persist, especially when Coinbase resumes USDC swaps. In a worst-case scenario, USDC may follow the same trajectory as TerraUSD (UST) in May 2022. In this scenario, the shockwaves will be felt not only across the cryptocurrency space but also in the Treasury market. If too many stablecoin holders suddenly demand dollars, it could force a liquidation of Treasurys on reserve. Circle currently has over $32 billion worth of Treasurys in its reserves. Although this may not be significant enough to destabilize the multi-trillion dollar Treasury market, it can cause positive feedback and can increase fear in the market. This series of events was predictable and expected. The root cause is the central bank's monetary policy. The Fed is destroying the money supply at the fastest rate on record. Since the Fed is still tightening, which has a long and variable lag effect, the liquidity crises we're seeing now are likely the tip of the iceberg. The fact the Fed is still tightening so deep into the start of a financial crisis is unprecedented. When Lehman collapsed in September 2008, for example, the Fed had already pivoted over a year earlier (in August 2007). Now, it seems that a financial crisis is already underway but the Fed remains unable to pivot due to record-high inflation. Eurodollar futures are still demanding that the Fed hike rates. The Fed is therefore trapped. It must choose between runaway inflation or widespread liquidity crises. The yield curve is deeply inverted. This is a reliable indication that a recession is coming. The fact that it has been inverted for a while, and is deeply inverted, may be foreshadowing the extent and duration of the coming recession. In my post below, I explained why I believe that the most likely outcome is severe stagflation. The Fed is in a Catch-22, and there's no way to avert some kind of a crisis. Indeed, the coming years will likely reveal to us what the consequences are for decades of limitless monetary easing. Important Disclaimer Nothing in this post should be considered financial advice. Trading and investing always involve risks and one should carefully review all such risks before making a trade or investment decision. Do not buy or sell any security based on anything in this post. Please consult with a financial advisor before making any financial decisions. This post is for educational purposes only.
by SpyMasterTrades
19
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by Sunstorminvest