Crypto markets rallied after regulators said both SVB and Signature Bank reserves would be returned, while USDC nearly regained its peg.
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 hadCircle Chief executive Jeremy Allaire said on Twitter that"100% of deposits from SVB are secure and will be available at banking open tomorrow."
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.© 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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