GM Seedphrasers 👋 the crypto news printer that works just as fast as the US money printer, we make these emails go BRRRRR.

📓 Today’s Agenda:

• 🔥 Hot Headlines

• 🌪 The Weekend Storm

• 🤯 (Un)stablecoins

🔥 HOT HEADLINES

📉 Crypto & The Markets:

• US says all SVB depositors will have access to their money - Read more

• Jeremy Allaire (Circle CEO) releases statement on USDC and SVB - Check it out

• Defi Ignas breaks down the USDC situation for us - Give it a read

• HSBC Acquires Silicon Valley Bank’s UK Arm for £1 - Learn more

• The Simpsons predicted SVB in 1994 - Watch here!

• Coinbase held $240 Million in the collapsed signature bank - read up

🖼️ NFTs:

• Starbucks NFTs have been flipping for 4X their cost - Check it out

• Beeple Studio officially opens - Take a look!

• Gochart makes an offer to purchase Moonbirds and PROOF for 500 ETH! - Check it out!

• Punk6529 releases “The Global Digital Rights Charter” - Read more

• Base honors Nounsdao with recent metadata update - Check it out!

🤖 Ai

• ChatGPT is now available in Azure OpenAI Service - Read more

• The rise of ‘grief tech’ brings loved ones back from the dead - Check it out

• Airbnb CEO takes a shot at people that have switched from crypto to AI - Take a look

🌪 THE WEEKEND STORM

This weekend had more news than the last year combined, or at least that’s what it felt like. With so much to go over, we decided to do a little summary to catch you up.

👉🏻 The News:

• On Wednesday, SVB announced it had $21B worth of securities at a loss

• The bank’s stock began plummeting Thursday morning, dropping 60%

• By Friday morning, trading in SVB shares was halted

• SVB abandoned efforts to quickly raise capital or find a buyer and California regulators shut the bank down

• SVB CEO sold $3.5M worth of shares two weeks prior to the bank collapse

• SVB had nearly $200 billion in deposits with 97% of those deposits above the $250k FDIC limit

• Companies impacted include: Roku ($487M), BlockFi ($227M), Roblox ($150M) and Rocket Lab ($38M)

😬 The reaction:

Secretary Yellen comes out saying they’re definitely "not considering a bailout."

Then, the FDIC said they want to sell SVB by end of the day.

After that, the Fed and FDIC said they are considering guaranteeing uninsured funds.

The US announced that all of SVB customers will have full access to their deposits by today (Every single BILLION)

How? The Fed announces a new “emergency bank funding program” to make additional funding available to banks.

The result? A game of Jenga with every other bank in the country. A huge short-term rally, crypto price shooting up, and a positive short-term bullish sentiment thanks to the $100 billion dollar loss that was erased over night.

🤝 TOGETHER WITH TENDIES

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Our coverage spans across multiple sectors and categories. Commodity articles cover the latest energy, metals, and agricultural news.

Economics coverage provides weekly market reviews with key macro- and micro-economic market drivers. Equities coverage spans across sectors like Banking, Consumer Technology, Healthcare, Biotech, and Retail.

Thought provoking Opinion pieces dive deeper into topics few outlets cover, and Special Reports provide distilled, institutional quality equity research to our readers.

🦍 BIG DATES

Here’s a look ahead at some of this week’s major economic reports:

➡️ TUESDAY, MARCH 14

8:30 am Consumer price index
8:30 am Core CPI
8:30 am CPI (year over year)
8:30 am Core CPI ((year over year)

➡️ WEDNESDAY, MARCH 15

8:30 am Retail sales
8:30 am Producer price index
8:30 am Core PPI

➡️ THURSDAY, MARCH 16

8:30 am Initial jobless claims

➡️ FRIDAY, MARCH 17

9:15 am Capacity utilization
10:00 am U.S. leading economic index
10:00 am Consumer sentiment

🤯 (UN)STABLECOINS

Not all stablecoins are created equal (*cough, cough, UST*)

What happened: USDC broke its peg from $1 Friday night because Circle (USDC’s parent company) had $3.3B in SVB. That $3.3B represents about 8% of Circle’s total reserves.

The problem? Investors feared that Circle won’t be able to fully recoup that $3.3B.

USDC was thought by many to be one of the safest places to park cash. But apparently, nothing is safe..so we found some other options for the sake of diversity.

In case you want to move your money elsewhere, we want to give you some other stablecoin options:

The Takeaway: Circle diversified their cash reserves across multiple banks and thank goodness they did. We can learn from this and do the same. Keep your crypto spread across multiple wallets. You never know what will happen and it’s important to be prepared for anything.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.