USDC and Cryptocurrencies Advance on News That SVB and Signature Bank Deposits Are Secure

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Last Updated on March 13, 2023 by Bitfinsider

The news that all deposits made with Silicon Valley Bank and Signature Bank will be completely returned to customers caused USDC to almost regain its peg, and cryptocurrencies to surge.

After losing its peg on Friday after its issuer Circle revealed that it had $3.3 billion in USDC reserves trapped at SVB, the stablecoin was trading at $0.99 at the time of writing.

Jeremy Allaire, the CEO of Circle, wrote on Twitter that “all deposits from SVB are 100% secure and will be available at banking open tomorrow.”

Since last Thursday, Bitcoin has been trading below $21,000. Today, however, it increased 7.7% and reached just over $22,000 as regulators revealed they would also be closing down Signature Bank. Ether, meanwhile, increased to $1,590 and gained 7.9% over the previous day.

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