Date: 2023-03-11T11:26:53Z Creator: Bitfolio Academy
The collapse of Silicon Valley Bank (SVB) has caused chaos for USDC. Ethereum gas fees are through the roof. USDC has lost it’s peg and is collapsing. Investors are scrambling to move USDC onto exchanges. What’s behind the bank run on USDC? The failure of Silicon Valley Bank, the 16th largest US bank, and the second crypto-linked bank to go under this week. The crisis has gone into high gear. Treasury Secretary Janet Yellen has convened top financial regulators to discuss the collapse of SVB. The USDC stablecoin, which is designed as a safe place for investors to park their money, massively depegged from its intended $1 price, sinking as low as $0.82 on Binance US at 11:30 p.m. Friday night.
See my latest blog post: USDC vs USDT: A Deep Dive into the World of Top Stablecoins https://blog.bitfolio.academy/coins/stablecoins/usdc-vs-usdt-a-deep-dive-into-the-world-of-top-stablecoins/
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