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ALSO: Two prominent crypto executives say the industry must learn from the failings of Signature, Silicon Valley and Silvergate banks if it hopes to develop productive banking relationships. Ether and other cryptos also rise.
USDC depegged over the weekend to 89 cents, and a Buterin-labeled wallet may have bought the dip.
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.