USDC

The value of USDC came close to restoring its prior level, while the prices of cryptocurrency increased as a result of the announcement that deposits held with Silicon Valley Bank and Signature Bank will be totally returned to their respective customers.After sustaining a loss of peg on Friday as a direct result of an announcement made by its issuer Circle stating that it has $3.3 billion of USDC reserves stuck at SVB, the stablecoin was trading at $0.99 as of 7:37 pm Eastern Time on Sunday. This was after the stablecoin had fallen to this price earlier in the day.On Twitter, Circle&#39;s Chief Executive Officer Jeremy Allaire made the announcement that &#34;one hundred percent of deposits from SVB are secure and will be available when banking starts tomorrow.&#34;Since last Thursday, the price of bitcoin has been trading at less than $21,000; however, today, in response to an announcement made by regulators that they would also be closing down Signature Bank, the price of bitcoin soared by 7.7% and skyrocketed to just a little bit more than $22,000. During this moment, the cost of an ether token went up to 1,590 dollars, representing a 7.9% gain over the course of the previous day.

USDC, Crypto Rallies on News that SVB, Signature Bank Deposits are Safe

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