Crypto markets cooled after Bitcoin wrestled its highest jump in nearly a month on Monday, following moves by U.S. authorities to stem the spread of concern about the health of the nation’s financial system.
Bitcoin rose to an almost one-month high on Monday, following moves by U.S. authorities to stem the spread of concern about the health of the nation’s financial system.
“The Federal Reserve’s rescue plan has bolstered market confidence and allayed concerns about the potential collapse of additional players, particularly given that Signature is a major bank within the crypto industry,” said Rachel Lin, co-founder of SynFutures, a decentralized derivatives trading platform.
SVB’s failure triggered a knock-on effect in crypto’s crucial market of stablecoins after Circle, one of the largest operators of USDC, revealed it had $3.3 billion of reserves backing the token stored with the bank. Stablecoins are cryptocurrencies that aim to keep a one-to-one value with a less volatile asset like the US dollar, and are an integral safe haven for crypto investors seeking to maintain value without exiting into traditional currencies.
Curve’s 3pool, a liquidity platform that allows traders to swap three of the market’s top stablecoins like for like, accounted for $4.8 billion in trade volumes on Saturday. Users queued to swap USDC and DAI, a stablecoin backed by cryptoassets rather than actual dollars, for Tether’s USDT, the largest stablecoin by market circulation, after both USDC and DAI lost their dollar pegs over the weekend.
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