On Wednesday, Circle CEO Jeremy Allaire blamed the continued decline in the value of the USD Coin (USDC) stablecoin on the regulatory burden and the efforts of authorities to discredit the cryptocurrency market. Allaire said investors are trying to “de-risk out of the US” because of the ambiguity of US
In November 2022, Bo Shen, the general partner of Fenbushi Capital, had his cryptocurrency assets stolen from his wallet address. Presently, he released a statement addressing this unfortunate incident. Bo Shen, an early investor in cryptocurrency, took to his official Twitter account to provide an update on the ongoing investigation
Term Labs announced on April 12 it had successfully launched its first testnet auction, cleaning $22.4 million in USDC loans against ETH at 2.96% interest over a four-week term. “We were pleasantly surprised to see the auction clear within a few basis points of the current midpoint of Compound Finance’s
Q1 2023 goes down as the period that recorded significant recoveries in the cryptocurrency market. Bitcoin, Ethereum, and other altcoins displayed astounding rallies amid bank runs and Fed’s regulatory crackdown. Out of them all, stablecoins captured the major attention. The USDC brief depegging, due to Silicon Valley Bank (SVB) collapse,
The Silicon Valley Bank (SVB) incident happened at a time when the global cryptocurrency market was still recovering from last year’s substantial slump. This is when the massive outflow of USDC began. The FTX exchange and the TerraUSD and LUNA collapse instilled fear in investors against the crypto market. This
USD Coin (USDC) stablecoin outflows have exceeded $10 billion since March 10. Investors feel that Circle’s USDC stablecoin, with many of them switching to Tether, has reached its 22-month high in market share. When the regulators shuttered the critical reserve banking partner, Silicon Valley Bank, the U.S. payments firm Circle
The top 100 whales having Ethereum (ETH) wallets are holding more ETH, USD Coin (USDC), and Tether (USDT), followed by Shiba Inu (SHIB). As per the data from WhaleStats, among the top 10 holdings, three stablecoins can be witnessed. If the number of tokens is taken into consideration, the first
A recent update from the Circle team regarding USDC operations guarantees the removal of backlogs. Additionally, a request for redemption of USDC has also been made, at the EOD of the U.S. banking sector on March 15th. Update: As of close of U.S. banking operations Wednesday, March 15, we have
Silicon Valley Bank (SVB), which had connections to big-shot international technology firms and venture capital, failed on 10th March due to one of the oldest issues in banking. Also, the startling collapse of Silicon Valley Bank and Signature Bank, which were affected by SVB, continued the wave in the U.S.
Past weekend has given a panic attack to every other person in the financial sector, whether the conventional banking arena or the crypto market. The current week has started quite positively now. Bitcoin (BTC) moved up from $19.6K to $24.8K. The intense rise in the price and sudden drop is
