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

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’s Chief Executive Officer Jeremy Allaire made the announcement that “one hundred percent of deposits from SVB are secure and will be available when banking starts tomorrow.”

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.


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