Newsletter #233 - Carnage But Moon

Hi Shitcoiners,

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Now that was one hell of a week, wasn’t it? Banks collapsed, stablecoins tanked and Bitcoin led the way in a cryptocurrency pump. We kick things off with a look at how March is going.

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The market panic was triggered by news that Silicon Valley Bank was in trouble. The news led to a significant wipeout of their stock. As the news sank in, the world started to realise the ramifications.

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Here’s a good read into the macro situation if that’s your thing.

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It wasn’t looking good and many began to realise that the crypto industry wasn’t safe from the fallout. News began to circulate that Circle had money tied up at SVB.

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This was later confirmed.

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Panic ensued as USDC crashed to an unprecedented low of $0.87.  

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While some will say that trust in USDC is gone, they were very transparent throughout. Following a stressful weekend, on Monday 13th Circle announced that the cash held at SVB was available and on its way to other banking partners. We were so back!

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Those that were parked in stables turned to Tether as a safe haven for their assets. The USDT naysayers were very quiet…

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It wasn’t only Circle who was impacted. BlockFi, who has had a dismal year also had money locked up.

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The decentralized homies were quick to mention this had nothing to do with them. Its all CeFi problems? Always has been.

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2022/23 has been a time of dodging bullets. Did you make it, anon?

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For those of you looking for a little more colour around the banking collapse, here’s an interesting watch.

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If that boomer version has you yawning, read through Arthur’s latest piece where he envisions infinite money printing. GMI!

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Arthur's predictions are looking good!

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As the week went on, the aftermath of the collapse became apparent. Rumours began to circulate that any buyer of Signature, who was a banking partner to many in the industry, could not continue the crypto arm of the business.

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Supposedly this is not true.

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Is this an attack on crypto?

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This meltdown meant that other news was cast into the background. Euler Finance took a $200M hit as a hacker drained their wallets.

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NTS: If you ever are the victim of a hack, write the hacker a nice message and maybe he’ll make you whole again.

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Maybe this Nottingham Forest footballer is trying to do that IRL?

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FTX users do not know yet if they will be made whole. SBF did alright out of the whole thing though (minus the legal issues).

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In other news, the word in the street is that Justin Sun no longer has diplomatic immunity.

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We hope this doesn’t mean bad news for our bags…

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While Justin supposedly loses his seat at the table, Emin has gained his. We now have a man on the inside.

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We round this one off with some good news for those of you who experimented with Arbitrum. Who doesn’t love an airdrop?

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That's all for this week. Follow Andreas on Twitter and stay up to date with us @Shitcoindotcom too. See you next time.

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Team Shitcoin.com