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Banking sector stress strengthens the case for Fed pause next week. Likely beneficiaries from the financial stress are gold and bitcoin, one observer said.
The largest cryptocurrency was trading at just over $24,700 during the Asian morning hours on Tuesday.
The Fed’s aggressive rate hikes and balance sheet reduction have caused a historic bank failure — fashioning a real-time ad for Bitcoin self-custody, observers said.
Binance tapped into its Industry Recovery Initiative funds to cover the move.
Some traders are signaling strength for USD Coin, citing its treasury backing in U.S.-issued bonds.
Some $4 million in USDC futures were liquidated in the past 24 hours, Coinglass data shows.
MakerDAO’s decentralized stablecoin hits an all-time low of 0.88 cents.
USDC’s normally stable price sank to $0.89 from $1 while Ethereum gas fees soared hours after the crypto-tied bank failed.
Stablecoin issuer Circle held an undisclosed amount of USDC’s cash reserves at failed Silicon Valley Bank.
USDC dropped to $0.973, its lowest level since the collapse of FTX.