USDC may have depegged, but Bitcoin is already back above $20,000.
A brief dip below the $20,000 mark overnight was short lived, and the mood appeared more stable on the day as the initialThe collapse of SVB Financial, which followed Silvergate in dealing a fresh blow to some crypto firms, nonetheless continued to play out.
At the heart of the debacle this time was Circle, the Blockchain firm which overnight revealed that it hadfrom its U.S. dollar peg, and at the time of writing was redeemable for only $0.91, while at one point making Bitcoin worth more than $26,000 in USDC terms on major exchange Kraken."If USDC is only 90% backed, the equilibrium price is NOT $0.90. The equilibrium price is ZERO," Cory Klippsten, CEO of Swan Bitcoin,"Everyone has the incentive to redeem asap for $1.
Others believed that the situation was manageable and that USDC, the second largest stablecoin by market cap, would not fail altogether.We now know that 8.2% is currently stuck in SVB, but it doesn't mean that the money is gone.So the damage could be around $198M USD.
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