Stablecoin USDC finally re-pegged to US dollar on Monday following failure of Silicon Valley Bank. Bank stocks dipped as European markets opened Monday and regional bank stocks dropped. Bitcoin prices are seeing a big boost, with Bitcoin passing
Highlights
- US President Joe Biden reassured the world that the “banking system is safe” even as a number of banking stocks tanked Monday.
- Popular stablecoin USDC regained its peg to the US Dollar early Monday after a surprising announcement late Sunday from the Federal Deposit Insurance Corporation (FDIC) that it would ensure all SVB depositors will have access to their funds.
- Meanwhile, Bitcoin prices are seeing a big boost, with Bitcoin passing $24,000, up almost 20 percent over the past day.
- The price spike could be explained by an exodus of investment from the banking sector, but seems more likely a result of squeamish stablecoin holders swapping the apparently less-than-stable tokens for blue chip crypto assets.
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