This Monday, March 13, the price of Bitcoin in the BTC/USDC trading pair briefly shot up to $50,000 on the Binance cryptocurrency exchange.
It has not yet been clarified what exactly caused such a strong rise in the price of the cryptocurrency.
Beincrypto said that the jump in price was the result of a lack of market makers and weak liquidity due to the panic surrounding the USDC. For his part, Operators assured Ámbito that it could be “a system display error”.
It should be noted that Major Cryptocurrencies Stabilized on Monday after the US authorities announced plans to limit the consequences of the failure of Silicon Valley Bank (SVB) and that the issuer of “stable currency” USD Coin said that it was still exchangeable with the dollar.
Bitcoin, the main cryptocurrency, flies almost 19% and exceeds US$24,000, while Ethereum does so by 15% and bankruptcy is close to US$1,700.
US authorities launched emergency measures on Sunday to shore up confidence in the banking system after the bankruptcy of the SVB threatened to trigger a financial crisis and said that the entity’s clients would have access to their deposits from Monday.
USD Coin, also known as USDC, was recovering to $0.9917, from the all-time low of $0.87 reached on Saturday., well below its expected 1:1 parity against the dollar. The drop was due to concerns about the SVB exposure of Circle, the US company that issues USDC.
Source: Ambito
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