As the Silicon Valley Bank (SVB) collapsed, the cryptocurrency crisis deepened early on Saturday as investors scrambled to move their money around. It is the second crypto-linked bank to collapse this week.
The stablecoin prices swung wildly up and down after the US regulators shut down SVB on Friday. Gas fees paid to network validators for blockchain services also increased.
Meanwhile, the US Treasury Secretary, Janet Yellen, has convened a meeting of top financial regulators to discuss the collapse. CoinDesk reported that the latest crisis plunged the market into a more severe bearish phase.
USDC, the stablecoin of Circle Internet Financials, de-pegged from its intended $1 price, a harrowing development for a product designed to store investor money safely. As a result, USDC/USDT, which tracks Circle's coin versus Tether's, reached a record low at $0.89 on the Kraken exchange at 03:49 UTC on Saturday.
Open To Buying Silicon Valley Bank: Elon Musk
Elon Musk, CEO of Twitter, has indicated that he is open to acquiring and transforming the Silicon Valley Bank into a digital bank.
Min-Liang Tan, co-founder and CEO of Razer, tweeted, "I think Twitter should buy SVB and become a digital bank." "I'm open to the idea," Musk replied on Twitter.
Last year, the billionaire entrepreneur acquired Twitter for $44 billion. Musk's remarks regarding the SVB crisis and his earlier interest in creating a payment platform on Twitter have led many to believe that his tweet may be serious.
Users Of Brave Browser Can Sell Crypto Within Wallets
The privacy-focused web browser Brave has launched a new feature that allows users to purchase cryptocurrency and sell it for fiats, such as the US dollar, euro, and the British pound, without leaving the Brave Wallet.
After the collapse of prominent crypto firms like Celsius and FTX, catchphrases like self-custody and "not your keys, not your coins" have become a rallying cry. According to Decrypt, Brave intends to facilitate crypto self-custody through its new desktop browser powered by crypto on-ramp startup Ramp Network.
"After recent events where centralized exchanges mishandled customer funds, it's more important than ever to offer secure and easy-to-manage self-custody," the company said. Its users in select countries can sell coins, including Ethereum, Solana, USDC, and Brave's Basic Attention Token (BAT) for fiat currency. In addition, one can sell up to 38 cryptocurrencies using the off-ramp service.
