Decentralize and the week’s Breaking News: SVB, USDC and BTC to $26K

March 17, 2023 admin

Breaking news and insightful views: Decentralize with Cointelegraph drops a new style of podcast curated for you by the Cointelegraph news team.

Decentralize with Cointelegraph, hosted by global reporter Joe Hall dissects the crypto market’s breaking and most impactful news of the past week. From the Silicon Valley Bank fallout and the Consumer Price Index to Bitcoin’s (BTC) brief price pump above $26,000, the period the week commencing March 12 was historic.

Fortunately, experienced analyst and trader Marcel Pechman was on the mic to educate and provide insight to listeners. Pechman told listeners:

“The very moment the issues started to emerge, the FDIC reassured people that they would cover up to $250K, so there was no need to panic.”

The pair dove into the stories surrounding Silicon Valley Bank, whose liquidation spread panic and uncertainty across the trade and then crypto markets. The Cointelegraph editorial team has pieced together a play-by-play timeline of the Californian Bank, which was shuttered over the past weekend.

Pechman also shed light on the significance of the event, drawing experience from his native Brazil, which experienced spiraling monetary inflation in the 1980s.

Next, the banking sector cut-off was put under the microscope. Pechman and Hall delved into the hows and whys of Paxos, Coinbase and even Celsius’ precarious position. The crypto giants were cut off from TradFi banking.

Finally, the pair finished on a lighter tone, attempting to understand — without too much excitement or bias — why the price per token on the Bitcoin protocol had soared over 20% since the start of the week. Pechman explained that it wasn’t due to the most recent Consumer Price Index (CPI) print:

“I don’t think that the CPI is the cause behind the rally. The headline came at 6% price increase year-on-year, which is substantially above the 2% target by the Federal Reserve.”

There was also a brief cameo from Rishi Sunak, the CBDC-friendly United Kingdom prime minister, as Hall attempted to impersonate one of the wealthiest people in Britain.

Decentralize with Cointelegraph is part of a new suite of audio offerings. From Hashing it Out and The Agenda to Crypto Trading Secrets and NFT Steez, Cointelegraph is raising its voice after informing, educating and entertaining viewers and readers across the crypto market for a decade.

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