Traders argued fears of USDC's long-term stability were overblown as crypto markets recovered nominally on Saturday. By shauryamalwa
Bitcoin and ether rose as much as 4% in the past 24 hours after a steep fall on Friday as contagion risks from the collapse of Silicon Valley Bank spread to crypto markets, specifically the exposure of USD Coin-issuer Circle to the bank.
Other cryptocurrencies did not post similar gains, however, suggesting traders were not taking risks on lesser-known tokens yet. Polygon’s matic was up 1.6% while BNB Coin and XRP were up a nominal 2% in Asian evening hours on Saturday.. Traders panic sold their tokens holdings as USDC fell to as low as 87 cents early Saturday, spurring a sell-off as
Nearly $60 million in bitcoin futures were liquidated, the most among major cryptocurrencies, followed by $40 million in ether futures liquidations. Such liquidators likely contributed to the slide in bitcoin and ether.Meanwhile, some market analysts brushed off prolonged USDC fears by pointing to the token’s U.S. treasury backing.Crypto Twitter community member. “85% of these bills have been rolled over in the past 3 months. Interest rate risk is negative.
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