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Here's what's on the menu for today:

• Will Crypto Survive The SVB Bank Run?

• Important Dates For The Week

• The Weekly Meme :)

WILL CRYPTO SURVIVE THE SVB BANK RUN?

Banks are collapsing left and right, new startups losing all of their funding, and companies going under. These are the headlines for the past week so how will this affect crypto? 😨

Recap:

1. Silicon Bank stated they needed to raise money bc of financial issues

2. Customers withdrawal their money

3. Bank run begins

4. The FED steps in

5. NY Signature Bank collapses due to withdrawls

6. FED steps in

Many crypto companies have been affected by this, one of the most notable crypto projects is Circle, the company behind USDC. Due to them having funds within SVB, their stablecoin was unpegged from the US dollar going down to $0.88. Despite this, they have made an amazing comeback stabilizing at the $1.00 level as of today.

Now to my surprise crypto as a sector has been doing relatively well. Bitcoin is up 13% in the past 7 days hovering around the $25k level 💰

The fate of how SVB will affect crypto is still unknown, however, I am optimistic that this terrible event will not affect crypto too much in the near future as SVB and Signature Bank's customers' funds will be made whole by the FED.

IMPORTANT DATES FOR THE WEEK

• 3/22/2023 - The Seek Newsletter

THE WEEKLY MEME

That wraps it up, stay tuned for next Wednesday. If you haven't seen last weeks news then you need to check this out 👇

DISCLAIMER: The Seek does not provide any financial advice. This newsletter is strictly for educational purposes and should not be used to make any financial actions. Please be careful and do your own research.