Bank run on Silicon Valley Bank, USDC depegged from U.S. dollar and FTX’s bankruptcy expenses hit $34 million in January.
Given Silicon Valley Bank’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins.
Bitcoin is trying to sustain above $20,000 and if it succeeds, ETH, MATIC, TON and OKB may witness a strong recovery.
Following USDC’s depegging, three stablecoins — DAI, USDD and FRAX — also depegged from the U.S. dollar.
Bitcoin recovers from the depegging of USDC, the second-largest stablecoin, from the U.S. dollar.
While the crypto market responded with a massive sell-off, not all USDC investors were lucky enough to walk away with their funds amid the uncertainty.
The prospects of Elon Musk abandoning Dogecoin would be dire for DOGE price in both Bitcoin and USD terms.
Hedera said the March 9 smart contract exploit has not impacted the network or its consensus layer.