Coinmarketvoice
Member
The collapse of Silicon Valley Bank has caused significant disruption in the cryptocurrency market, with the USDC stablecoin being one of the most affected. The stablecoin, which is pegged to the US dollar, has experienced net redemptions of $1 billion since the bank's collapse. The stablecoin has fallen further from its dollar peg, trading as low as 90 cents.
Circle, the issuer of USDC, held an undisclosed amount of the stablecoin's cash reserves at the now-failed Silicon Valley Bank. Circle has revealed that it has $3.3 billion stuck at the bank, and has been unable to withdraw this amount.
The inability to withdraw funds has led to mounting withdrawals from USDC, with over $1 billion in withdrawals reported.
The collapse of Silicon Valley Bank has also affected other crypto companies, including BlockFi, Circle, and Avalanche. This highlights the interconnectedness of the traditional financial system and the cryptocurrency market, and the potential impact that events in the former can have on the latter.
Overall, the collapse of Silicon Valley Bank has caused significant disruption in the cryptocurrency market, with the USDC stablecoin being one of the most affected. It remains to be seen how this will impact the wider crypto market, and whether greater regulation and oversight of the market will be necessary in the future.
Circle, the issuer of USDC, held an undisclosed amount of the stablecoin's cash reserves at the now-failed Silicon Valley Bank. Circle has revealed that it has $3.3 billion stuck at the bank, and has been unable to withdraw this amount.
The inability to withdraw funds has led to mounting withdrawals from USDC, with over $1 billion in withdrawals reported.
The collapse of Silicon Valley Bank has also affected other crypto companies, including BlockFi, Circle, and Avalanche. This highlights the interconnectedness of the traditional financial system and the cryptocurrency market, and the potential impact that events in the former can have on the latter.
Overall, the collapse of Silicon Valley Bank has caused significant disruption in the cryptocurrency market, with the USDC stablecoin being one of the most affected. It remains to be seen how this will impact the wider crypto market, and whether greater regulation and oversight of the market will be necessary in the future.
