Oh boy, here we go again...

GM, GM. The weekend is finally over, which means Bean Boy is back to give you all you need to know about Crypto, in 5 minutes or less. Speaking of the weekend, we were out of town, but nothing interesting happened right? ….right? Anyway, let’s see what’s in the pod for today

How we looking today?

I mean, at least it’s green right? It literally feels like a miracle, I might go and buy a lottery ticket today. And by lottery ticket, I mean any stable coin… you never know if you’re gonna lose it all in an instant 🤠

ANOTHER DAY, ANOTHER BANK COLLAPSES…

Where do we start? We go away for a couple of days to enjoy our weekend and everything falls apart…again. First it was Silvergate Capital, then it was Silicon Valley Bank, now it’s… Signature Bank. Yesterday, the US Govt. announced that Signature Bank had been closed by state authorities, citing systematic risk.

Despite stating the the bank will be “closed for good,” depositors will be made whole, a move from regulators to help stop the potential fall-out of the recent bank crisis. The US Govt. did take a hard stance on these flailing banks though, stating that the banks are not being bailed out, but rather depositors are being protected. Okay okay. I get how this works now. What bank is closing tomorrow? Anyone want to make any bets?

To make matters worse, Coinbase came out with a statement announcing that they had a $240M cash balance with Signature Bank. Earlier in the weekend they had announced that USDC —> USD conversions were “temporarily paused,” sparking even more panic…as if there wasn’t enough already. It’s like everyday we wake up and check to see what other crazy shit has gone down while we were fast asleep, having pleasant dreams about the glory days of ETH being $4800

A WEEKEND ROLLERCOASTER - COURTESY OF CIRCLE

The fall-out from the Silicon Valley Bank collapse contains. In our Friday edition, we knew it was bad, but we didn’t know it was this bad… Late Friday, it was looking terrible for USDC. Circle put out a statement announcing that $3.3 Billion of it’s $40 Billion cash reserves were held in Silicon Valley Bank, with literally no other information. Everyone panicked, at one point after this, USDC de-pegged, all the way down to .869c. I mean, you should’ve seen it all go down on Twitter. It felt like a rollercoaster, but it was a terrible rollercoaster that you never want to go on again.

However, it’s not all doom and gloom. Late Sunday, Circle announced that all depositors with Silicon Valley Bank and Signature Bank will be made whole, and that the $3.3 Billion (yes… 3 point 3 billion) USDC reserves held in Silicon Valley Bank will be fully available. Circle also announced that it held no USDC cash reserves at the now-fallen Signature Bank. Phew, finally some good news..

But hear me out. If USDC does one day fail, let’s just launch USDC Classic, right Do Kwon? There’s no way it doesn’t work…

CHAD CZ COMES TO THE RESCUE

CZ is a giga-chad, need I say more? On Sunday night, CZ announced via twitter that Binance will convert $1 Billion (yes, with a B), of their Industry Recovery Initiative Fund from BUSD into BTC, BNB and ETH. But not everybody is as happy with his actions. Some Twitter users took to the platform to point out that CZ doing this may actually be for his own benefit and that moving funds from BUSD into other native Crypto’s was a death sentence for BUSD. We’re on team CZ on this one. This man has come to the rescue time and time again, even when Sam tried to take everything from us…

Regardless of what you think, I mean just look at this chad. Minutes after moving $1 Billion dollars, he sends out a tweet taking aim at traditional financial institutions. GIGA. CHAD.

PEAS IN THE POD

• A solo Bitcoin miner who mined block 780,112 was rewarded to the tune of $148,000 USD. Where do I sign up?

• Nissan filed for 4 new web3 trademarks, bringing their total up to 7 web3 trademarks.

• Euler Finance was hacked for over $195M in a flash loan attack. Yikes…

• UK-based HSBC has acquired the UK subsidiary of Silicon Valley Bank for £1 in an effort to safeguard customers. Anyone know a bank that will sell for $1?? The Bank of Bean Boy…coming soon?

PEE-PEA OF THE DAY

HOW YOU BEAN - A READERS CONFESSION

I got told by one of my Twitter crypto friend that USDC was getting depegged. I replied “lmeow all noise nonsense fud.” I checked my Metamask 12 hours later and saw it was down 10%. I swapped all of my USDC to USDT for a -20k loss. If I just diamond handed I could've bought a car instead.

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.