Before the latest #plunge, the rand soared to 16.721 per dollar on Jan. 12, 2023, the currency’s best #performance since the start of the year.

However, since then, the rand has #depreciated by almost 10% making it one of the worst-performing #African currencies in 2023

#According to reports, the rand’s slide is blamed on South Africa’s unending #electricity woes which have seen many homes and businesses go for more than 10 hours without power.

The #debilitating blackouts have since prompted South African president Cyril #Ramaphosa to appoint the country’s first minister of electricity. 

Besides dealing with the #crippling power cuts, president Ramaphosa said the new minister, #Kgosientsho Ramokgopa, is expected to help facilitate the coordination of entities that are working towards finding a solution.

#However, he argued that #eventually” is “too long” when you have “payroll to meet next week.”

On March 11, Circle #disclosed that Silicon Valley Bank (SVB) did not process its $3.3 billion #withdrawal request.

While numerous #jurisdictions have sought legal actions against Kwon, the #entrepreneur continues to reside in a safe haven unknown to the authorities.

Instead of #selling their USDC holdings in a liquidity pool for 6% slippage, the investor chose a #questionable” method resulting in a maximal extractable value (MEV) bot netting $2.045 million in profit after paying $45 in gas and $39,000 in MEV bribes.

A #petition urging regulators to step in claims that nearly 40,000 of all depositors at Silicon Valley Bank are small #businesses.

 A #petition created by YCombinator CEO Garry Tan claims that nearly 40,000 of all #depositors at Silicon Valley Bank are small businesses.

Several U.K. #venture capital firms have shown support for SVB UK stating it is a “trusted” #partner and plays a "pivotal" role in supporting startups.

Several U.K. venture #capitalists (VCs), including Index Ventures and Atomico, issued a joint #statement on Mar. 12 endorsing SVB UK. 

Stablecoins are a type of #cryptocurrency designed to have a stable value relative to a #specific asset or a basket of assets, typically a fiat currency such as the U.S. dollar, euro or Japanese yen.

Enea #Bastianini and Franco Morbidelli also had a tough #opening day in 17th and 21st while late laps by KTM team-mates Brad Binder and Jack 

#Francesco Bagnaia ITA Ducati Lenovo (GP23) 1m 38.771s 77/78 334.3 2 ˅1 Luca #Marini ITA Mooney VR46 Ducati (GP22) +0.234s 58/65 340.6

#Francesco Bagnaia ITA Ducati 1m 38.725s (2021)Fastest race lap:Fabio #Quartararo FRA Yamaha 1m 39.435s (2022)