USDC, the whole market recovered when news that SVB and Signature’s deposits were safe

USDC, the whole market recovered when news that SVB and Signature's deposits were safe

Stablecoin USDC recovers from $0.87 to $0.99 after news that Silicon Valley Bank and Signature deposits are safe.

Specifically, a source from Theblock said that USDC has regained its fixed level and the entire crypto market has recovered after the news that all deposits of Silicon Valley Bank and Signature Bank will be fully refunded to the customer.

USDC lost its peg last Friday, dropping to $0.87, after issuer Circle announced that it has $3.3 billion USDC reserves stuck at SVB.

Circle CEO Jeremy Allaire said on Twitter that “100% of deposits from SVB are secure and will be available when the bank opens tomorrow,” this announcement helped USDC recover back to $0.99. .

usdc price chart

Bitcoin, which has been trading below $21,000 since March 10, is now up 9.5% today and to over $22,000 at press time. Meanwhile, Ether also rallied to $1,600 and gained more than 9% in the past day.

overview of the cryptocurrency market

According to an announcement by the US Federal Reserve (Fed), Signature Bank, a crypto-friendly bank based in New York, has been closed by the US Government.

The reason for the closure was to protect the US economy and strengthen public confidence in the banking system.

See also: 1 more crypto-friendly bank banned by the US Government

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