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Sometimes everyday life gets in the way of your online stuff, and yesterday was one of those days. But a day later than usual here are the Market Musings. Whether it should make you happy ... that's another story. I can't be very positive right now, there are too many negative signals for that. Let's hope that there will be many positive signals just as soon.

Schiff is at it again!

Let's start with Peter Schiff today! Peter who has a track record of bashing cryptocurrencies, especially Bitcoin, is at it again. As usually is the case, he's warning all BTC holders to cash out before the blockchain-related apocalypse hits the crypto market. This time he's yelling that the crypto winter will turn into a polar vortex.

Funny and maybe not expected, his son, Spencer Schiff, is a Bitcoin enthusiast and replies to his father on twitter that Bitcoin is a lifeboat and won't sink, not even in choppy waters! It seems that father and son have agreed to disagree with each other when it comes to cryptocurrencies.

Reason for Peter to do his shout out is that San Francisco-based Silvergate Bank is closing down due to "recent industry and regulatory developments. Silvergate Bank was known for providing services to cryptocompanies, including FTX.

And Bitcoins reaction to this news was a nosedive, dragging most of the other cryptocurrencies down with it. Bitcoin has gone below the $20,000 mark for the first time since January. Oops, that was not what we all were hoping for. It seems that the predictions of March being a bad month for cryptocurrencies was right after all.

If this news makes you worry, take a deep breath and relax. Let the market do its thing and wait for the storm to pass. Peter Schiff has not only a track record for bashing cryptocurrencies. He also has a history of giving bad financial advice, like urging people to sell Bitcoin at $18,000 in January, which caused a 37.2% surge in its value. So, IF I was ever to give you an advice, do the opposite of what he says, and you might strike gold! Or, well, Bitcoin in this case, and remember ... This is NOT financial advice!

Rediscover the child in you

Meanwhile, there is also Metaverse news. Anyone who has ever loved Lego, pay close attention! The well-known toy giant has teamed up with Epic Games to claim their rightful place in the metaverse! We all know Lego as a kid's toy, of course, but Lego in the Metaverse might be good news for all of us. Hopefully it will work soon and we can all build digital spaces without tripping over the bricks while we wait for the next crypto bull run.

Lego, of course, knows very well how to immerse consumers in their stores in the large Lego universe. Let's hope that Lego can create the same feeling in the Metaverse, that would be a kind of digital 'coming home' for many, wouldn't it?

If you thought that this step does not make sense at all, then you are wrong. The step makes more sense than you think. Especially given the rise of virtual gaming, Lego just wants to make sure they don't miss this step. The fact is also that Lego experienced significant growth last year. They have opened no less than 155 physical stores in 2022. Not bad, right?

So now it's time to start preparing ourselves for the arrival of Lego in the virtual world. Time to build a virtual Lego house with your children, or with your partner, and this time without your child or pet knocking over your house and you having to start all over again. Virtual has the future, so also according to Lego!

You never know of course, but who knows, maybe Lego will even start its own cryptocurrency called the Legocoin? The possibilities are endless! Maybe it's a fun pastime for us while we wait for the next bull run?

More drama?

And if you thought that the next bull run will come soon... then I'm here to voice my doubts about it. It seems that the crypto world needs to prepare for the next drama.

Circle Internet Financial's USDC stablecoin, the second largest stablecoin with a market cap of $42 billion, has been decoupled from the US dollar. The depeg is due to the collapse of Silicon Valley Bank. And while it is not yet known what the full consequences for the crypto world will be, we can say with a probability bordering on certainty that this is only the beginning of the fallout. Either way, the USDC losing its peg is a worrying development.

We all know that USDC is supposed to keep a peg to the dollar. But it seems that the crypto world is concerned about the impact of Silicon Valley Bank's bankruptcy. And that caused USDC to lose its peg on Friday.

There are also concerns that an undisclosed portion of USDC's cash reserves are parked at the bank that has gone bankrupt, which naturally leads to concerns among investors that their money is now tied up.

As said, the final effect is not yet known, but these developments are certainly something to keep an eye on. The drama doesn't seem over yet, as much as we'd like to see it differently.

Anyway… take a deep breath, relax and enjoy your weekend!