USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Bank Collapses

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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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SVB_Financial inkbacker Does that mean GUSD is ultimate stable coin ?

SVB_Financial inkbacker

SVB_Financial inkbacker The news is full of fraud and full of politics, always harming the human race if I hope 100% that the creator will be angry with the front page in order to end it

SVB_Financial inkbacker Lol

SVB_Financial inkbacker

SVB_Financial inkbacker The bonds dropped hard. Bitcoin needs to stop behaving like a horses ass

SVB_Financial inkbacker

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