Based on countable TWh. I hope with every next such event - people willl more and more realize this simple truth.
Keeping fruits of own labor in dollar shitcoin and additionaly: using "trusted" third party yet - is just crazy.
And complete opposition to Satoshi's Nakamoto vision.
USDC-USDT reached a low of 0.83 on Binance.us at 23:30. At 1:21, it is 0.97. On binance.us, there is no trading of USDC for USD, only for USDC-USDT.
This really sucks! I have been holding USDC in my wallet. What's next? Synchrony Bank stops doing business with Crypto exchanges? Crypto winter is really cold this cycle.
Yep, and a bailout would be very bad for US inflation, for the US taxpayers, and for trust in general. Also, a bailout will show the people why bitcoin was created.
IMHO considering that some of their funds are frozen/lost at SVB, If everyone tries to redeem USD by sending USDC to them, they might default, and that could send the stablecoin to the very bottom. Or as you say, it may just punish the price a bit, but the trust in Circle would plummet.
Very strange what coinbase did indeed.
The whole idea of "stable" coins is quite hilarious because once you see the world through the Bitcoin lens it's obvious that it's USD that's unstable in the BTC/USD pair.
To put it another way, why did the price of eggs go up last year? I can assure you it's nothing to do with chickens.
8% of their reserves with SIVB might be tits up so I think it's trading around the correct range lol, wonder if they'll keep allowing any sort of redemptions or they're going to let the market short it to death
Looks like 20 other stablecoins are also de-pegged by 5% or more, Monday is going to be fun
Lol I don't care if its fully reserved, it can always break and there goes the value you trusted in it, while stablecoins depeg, fiat depegs from its purchasing power too, so why expose yourself?
stablecoin 🤣 am sorry for all its holders/investors. Bad bet!