🚨 Market turmoil because of the shut down of Silicon Valley Bank (SVB) 🚨
The regulator shut down SVB yesterday which caused sell offs in risky assets even in traditional financial markets and Crypto markets were down too 📉
Is it the first domino that falls and causes something bigger and worse? 🧐 Could be but must not… 🤓 it is very difficult to predict but risks are elevated!
What is most concerning is the depeg that can be observed from the stablecoin $USDC, which is currently trading roughly @0.88 🚨 Circle confirmed that they hold more than 3 billion of their reserve at SVB 😒
As always in such circumstances we play it safe and have reacted to it…
We reduce market risk & exposure and have therefore increased our USD position to 1/3 of the portfolio (up from 10%) ✅