The last few days simplified.....

I see a lot of confusion lately about what's happened over the past few days. Even more confusion now that Crypto is pumping, but it's really simple enough when you distil it down.

1) Silvergate & Signature were on everyone's minds but the market hadn't really reacted to any of that. BTC is just hanging around it's usually range.

2) Silicon Valley Bank failure happened. Why did it instill more panic then the previous two banks? USDC is the answer, it was speculated that Circle held somewhere in the $1B-$3.5B range of USD backing USDC at SVB. So the crypto panic ensued when there was talk of Circle only getting the $250,000 insured by the FDIC. USDC de-pegged everything tanks, panic!!!!!

3) Biden announces that every depositor will remain whole (Circle gets to keep their money!). Markets recover.

4) CPI Numbers come back as expected stock market and crypto pump today.

So really, if you remove the events relating to USDC and Circle, BTC would have been ranging around that $22-24k range we've been in for a while and then pumped to $26k after the CPI numbers came out.

The markets don't react to some random dude's thoughts on Twitter, so you have to think big picture.