USDC has been hit with a bearish wave following news of the collapse of Silicon Valley Bank on March 11. The stablecoin issuer Circle had revealed that it had $3.3 billion in deposits with the defunct bank, contributing to uncertainty regarding USDC.
USDC Price Falls Below $0.90 For The First Time
Given the doubts about the reserves of USDC, the coin’s price fell to an all-time low of $0.8774, according to data from CoinMarketCap. Onchain data reveals that investors are liquidating their USDC holdings for other assets.
Rival stablecoin USDT has received a significant inflow of volumes in the past 24 hours, which is unsurprising. The collapse of Terra USD (UST) in May 2022 has served as a cautionary tale for many crypto holders who do not want to go through a similar situation with USDC.
Related Reading: USDC Issuer Circle Reveals It Couldn’t Withdraw $3.3 Billion From Silicon Valley Bank
Meanwhile, Circle has tried…
