The cryptocurrency crisis went into high gear early Saturday as SVB_Financial's failure caused some of the industry's core plumbing like $USDC and gas fees to go haywire. inkbacker reports
Treasury Secretary Janet Yellen convened
top financial regulators to discuss the collapse of SVB. Not long after, crypto markets went into turmoil, suggesting the more-than-year-long bear market has entered an even darker phase. There's echoes of the 2008 global financial crisis, when bad news kept getting followed up by even worse news. Though in the case of crypto, which lacks a central bank like the Federal Reserve that can bail out the industry, the question lingers: How will it end?
Circle Internet Financial's USDC stablecoin massively depegged from its intended $1 price – a harrowing development for a product designed as a place for investors to safely park money. The sank as low as $0.89 on the Kraken exchange at 03:49 UTC on Saturday – far lower than it ever got amid the market stresses that followed the FTX debacle in November.
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DeFi Protocol Curve’s $500M Stablecoin Pool Hammered as Traders Flee USDCNEW: DeFi protocol Curve’s 3pool – key infrastructure for trading stablecoins – is running low on USDT as the collapse of Silicon Valley Bank spooks USDC holders. realDannyNelson reports
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USDC Stablecoin Depegs From $1; Circle Says Operations Are Normal.circle's $USDC, the second-largest stablecoin, dropped to $0.973 on Kraken, depegging from the U.S. dollar Friday amid fallout from SVB_Financial's collapse. Circle says its operations are normal. reports
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Crypto Wallets Withdraw $902M USDC From Centralized Exchanges in Past 24 Hours Amid SVB, Silvergate ShutdownsThe shutdowns of Silicon Valley Bank and Silvergate are causing ripple effects in the crypto sector, with many now looking at the impact on USDC issuer Circle, which held reserves in those banks. reports
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Coinbase Pauses Conversions Between USDC and US Dollars as Banking Crisis Roils CryptoCoinbase has paused conversions between USDC and US dollars for the weekend. It says it will resume conversions once banks reopen Monday. realDannyNelson reports
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