Home » USDC’s Wild Ride

USDC’s Wild Ride

by Hans Lipper

The cryptocurrency market has seen a bit of a respite over the past 24 hours, with the total capitalization recovering by around $16 billion. The turmoil surrounding USDC, the second-largest stablecoin by total capitalization, has been the hottest topic in the cryptocurrency market. USDC’s price should never fluctuate from $1, but yesterday it crashed and burned below $0.90 for the first time due to Silicon Valley Bank being shut down by regulators. Circle, the issuer of USDC, released a statement reassuring that they will cover any shortfall using corporate resources and external capital if necessary. This appears to have calmed the sentiment as USDC recovered to around $0.95.

The news of USDC’s recovery has had a positive effect on the broader cryptocurrency market, with Bitcoin reclaiming the important technical and psychological level of $20,000 and Ethereum’s worries about the NYAG claiming ETH is a security beginning to dissipate. MATIC also pushed above $1 and is up 4.2% on the day. USDC is the best performer from the top 10 cryptocurrencies by market cap.

Popular News

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Please support us to continue to provide free news for everyone

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock