According to Warren, she had #previously warned about Silvergate. However, some critics are #dismissing Warren’s opinion as “terribly misinformed” and claim that she is “tossing out egregious accusations.”

US #Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since #Washington Mutual

After Silicon Valley Bank (SVB) #experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of #Financial Protection and Innovation closed the financial institution.

Insured depositors can #withdraw their funds on Monday after the FDIC took over the #failed bank.

#Ethereum Co-Founder Vitalik Buterin’s Address Sells #Trillions of Airdropped Tokens, Causes Illiquid Coin Prices to Plummet

South Africa’s #power shortages as well as the country’s recent grey-listing by the #Financial Action Task Force (FATF) are believed to be fueling the rand’s slide.

The #exchange rate of the South African rand versus the U.S. dollar recently #plunged to a new 2023 low of 18.636 units for every dollar on March 7, 2023, the latest data has shown

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.

#Additionally, U.S. #Regulators closed Silicon Valley Bank after reports of a bank run and other troubles. I

Cross-border #transactions can also be made more accessible using #stablecoin pegs, especially in nations with volatile currencies or restricted access to conventional financial services.

For instance, a stablecoin’s price can #momentarily exceed its pegged value if demand spikes due to increased #cryptocurrency trading activity

a smart #contract flaw could result in the stablecoin’s value being computed improperly, causing a sizable #departure from its peg.

For instance, traders may sell the #stablecoin and purchase the underlying asset to #benefit if the stablecoin’s value is higher than its peg.