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CNN CNN Newsroom With Jim Acosta June 4, 2024 21:06:00

So-called stable coins that operate as a lubricant for the greater crypto market. it s meant be to tie one u.s.d.c. to one dollar. since circle, the company that issues this, came out and said they have exposure in svb, people started making a bank run on usdc and we re seeing that peg one to one collapse. so right now as you can see, it s worth around it s back up from 85 cents to 97 cents. what that means for crypto, we don t know. come monday a lot of companies are going to be scrambling to fix holes. yeah. when there s a run on the bank, people aren t acting rationally in many cases and it can have a snowball effect. thanks for keeping an eye on all of this. we appreciate it. the recent economic turbulence comes from big warnings from president biden and his team about a debt default. treasury secretary says progress ....

One Dollar , One To , Silicon Valley Bank , Bank Run On Usdc , Fix Holes , We Don T Know , Run On The Bank , People Aren T Acting Rationally , Biden Pitting , Snowball Effect , Debt Default , Treasury Secretary ,

CNN CNN Newsroom With Fredricka Whitfield June 4, 2024 19:21:00

Of cash reserves are caught up in svb. they said they don t know when they will have access no to tha money. we know the stocks plummeted as a result. what kind of implications might it have on the economy? experts say they don t think this will be a 2008 scenario where we re seeing contagion spread throughout the broader economy. they focus on the tech sector, silicon valley bank. so because of that, they don t think it will spread. but we re starting to see effects in the tech world. one thing to keep an eye out, crypto, usdc, one of the largest so-called stablecoins, lost its peg because its parent company had money tied in svb. we don t know what the fallout will look like yet. it s a fright eng scenario. john, thank you so much. meantime, tensions remain ....

Silicon Valley Bank , Cash Reserves , Tha Money , Contagion Spread , Eye Out , Tech World , Tech Sector , John Fetterman , Parent Company , Fright Eng Scenario ,

HONG KONG/TOKYO The Hong Kong dollar's peg is once again facing trial by fire as the currency scrapes the bottom of the allowable limit amid mounti ....

Hong Kong , Hong Kong Monetary Authority ,