Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. Elon Musk tweeted he was “open to the idea” of Twitter buying SVB and turning it into a digital bank. The repercussions of SVB’s failure on customers are unclear, including large ones like Circle.
Earlier yesterday, it moved from 20 to 40 gwei. The median gas fee for Ethereum went up to 231 gwei. 1 USDT is currently trading for $1.01, Coinmarketcap data show. Investors are moving money away from USDC. It had not reached that level in a very long time. Tether (USDT) reached $1.06 against the dollar on Kraken. Yesterday, its market cap was over $43 billion. If a stablecoin’s market cap is $37 billion, which is currently the case with USDC according to Coinmarketcap, there should be around that much cash or cash-like assets backing it up. This spells trouble for the stablecoin because the whole asset class derives value from its reserves. USDC is the second-biggest stablecoin by market cap. On Friday, Circle confirmed that reserves of $3.3 billion were “tied up” at SVB. Circle: Billions are tied up at SVBĬircle is one of SVB’s leading clients. One USDC is still trading for $0.89 according to Coinmarketcap. It has never been this low, not even when FTX announced bankruptcy in November 2022. The USDC/USDT pair dropped to $0.89 on Kraken early this morning. USD Coin, issued by Circle Internet Financial, lost its peg to the US dollar.
Many couldn’t imagine an even darker phase. Soon after top financial regulators met to discuss the fall of SVB, the crypto market became extremely volatile, indicating exacerbation of the more-than-year-long bear market. Crypto-friendly bank Silvergate also went down this week. Regulators shut SVB down in a run on the crypto-linked bank. Gas fees skyrocketed and stablecoin prices went haywire as investors rushed to move funds around, CoinDesk wrote.
Early this morning, the cryptocurrency crisis went into high gear as world media reported the news of Silicon Valley Bank's (SVB) failure.
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