SAFAKNA TURKEY – The price of the second-largest stablecoin (#USDC) fell below $1 in a sudden sell-off after USDC issuer Circle Internek Financial announced it could not withdraw $3.3 billion of its $40 billion from Silicon Valley Bank (SVB) . USDC price drops to 80 cents
The USD coin, or USDC, was sold for 1 US dollar. While SVB was transferred to the fund, investors lined up for the return of deposits. USDC was trading at around 80 cents as of Saturday morning in London, falling below $1.
Bitcoin (#BTC), which lost almost 20% in price in 24 hours and the “king of cryptocurrencies”, fell below $20,000. Ethereum, on the other hand, fell below $1,400.
It is emphasized that the pushes in the crypto markets will continue, stating that instant ups are temporary.
IF THERE IS NO FEDERAL RESCUE PLAN…
The concern has not extended to Tether, the best stablecoin to ever hold at $1. Tether has previously been subject to scrutiny of its reserves.
Dante Disparte, chief strategy officer at Circle, called the SVB bankruptcy a “black swan” in the financial system. “Without federal assistance, the crisis will have broader implications for business, banking and entrepreneurs,” Disparte said. said.
According to CoinGecko, USDC has approximately 41 billion tokens in circulation and a market capitalization of approximately $37 billion.
According to research firm Nansen, US$2 billion has been repaid in the past 24 hours.
Teong Khng, managing director of crypto investment firm Satori Research, said: “If there is no concrete recovery plan this weekend, the markets could be under heavier pressure next week.” used phrases.
SHAKING BEGINS IN 2022, ONGOING
Cryptocurrency markets have been rocked by the bankruptcy of stablecoin TerraUSD, hedge fund Three Arrows Capital, and cryptocurrency exchange FTX, which has wiped out $2 trillion in digital asset value since November 2021.
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