USDC, crypto rallies on news that SVB, Signature Bank deposits are safe

• March 12, 2023, 8:16PM EDT

USDC nearly regained its peg and cryptocurrencies rallied on the news that all Silicon Valley Bank and Signature Bank deposits will be fully returned to customers.

The stablecoin was trading at $0.99 as of 7:37 pm ET on Sunday after losing its peg on Friday after its issuer Circle announced that it had $3.3 billion of USDC reserves stuck at SVB.

Circle Chief executive Jeremy Allaire said on Twitter that “100% of deposits from SVB are secure and will be available at banking open tomorrow.”

USDC/USD Chart by TradingView

Bitcoin, which has been trading under $21,000 since Thursday, was up 7.7% today and rose to just over $22,000 as regulators announced they would also be shutting down Signature Bank.

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Meanwhile, Ether rose to $1,590 and was up 7.9% in the last day.


BTC/USD Chart by TradingView

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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