Bitcoin Regains $20K After $200M in Crypto Liquidations; Some Traders Brush Off USDC Fears
Some traders are signaling strength for USD Coin, citing its treasury backing in U.S.-issued bonds.
Markets
Traders Bet on USD Coin Rebound as USDC Falls to 90 Cents
Some $4 million in USDC futures were liquidated in the past 24 hours, Coinglass data shows.
DAI Depegs to Lifetime Lows as Stablecoin Rout Plagues Crypto
MakerDAO’s decentralized stablecoin hits an all-time low of 0.88 cents.
USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Bank Collapses
USDC’s normally stable price sank to $0.89 from $1 while Ethereum gas fees soared hours after the crypto-tied bank failed.
Circle’s USDC Endured $1B of Net Redemptions Since Silicon Valley Bank’s Shutdown
Stablecoin issuer Circle held an undisclosed amount of USDC’s cash reserves at failed Silicon Valley Bank.
USDC Stablecoin Depegs From $1; Circle Says Operations Are Normal
USDC dropped to $0.973, its lowest level since the collapse of FTX.
Ether Hits Two-Month Low Under $1.4K as Coinbase Premium Index Dwindles
The decline comes as New York Attorney General referred to ETH as security in its lawsuit against the cryptocurrency exchange KuCoin.
Justin Sun Completes $100 Million USDC Transfer to Create Huobi Liquidity Fund
Sun’s USDT is moving after Huobi’s HT Token Dropped 93% and then rebounded.
First Mover Asia: Bitcoin Plunges to Mid-January Levels
ALSO: CoinDesk analyst Glenn Williams writes that despite the crypto market’s recent problems, bullish sentiment seems to be prevailing among holders of futures contracts.
Bitcoin Falls Below $20K as 2023 Rally Reverses
A hawkish Fed, the demise of crypto-friendly Silvergate Bank, and a possible government sale of Silk Road-related bitcoin have investors ample reason to sell.