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

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https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses/

The cryptocurrency crisis went into high gear early Saturday as Silicon Valley Bank's (SVB) failure caused some of the industry's core plumbing to go haywire.
Stablecoin prices wildly swung and gas fees soared as investors scrambled to move money around hours after regulators shut SVB amid a run on the bank, which had ties to crypto. It was the second crypto-linked bank to go under this week.

In the aftermath, 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.

USDC Stablecoin Depegs, Crypto Market Goes Haywire After Silicon Valley Bank Collapses

USDC's normally stable price sank to 87 cents from $1 while Ethereum gas fees soared hours after the crypto-tied bank failed.

www.coindesk.com

USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank

USDC has lost over 10% of its value as it trades at $0.8774, while on-chain data reveals that Circle redeemed a net of $1.4 billion in USDC in 8 hours.

cointelegraph.com