The U.S. cryptocurrency firm Circle’s USD Coin lost its dollar peg and fell to a record low Saturday morning after the company revealed it has nearly 8% of its $40 billion in reserves tied up at the collapsed lender Silicon Valley Bank.
USDC is known as a stablecoin, which means the value of the virtual currency is supposed to be pegged to a reference currency. USDC is designed to trade at $1, but it fell below 87 cents on Saturday, according to data from CoinDesk.
When banks collapse, no coins are stable.
Perversely, this fallout has nothing to do with USDC’s underlying crypto quality, and everything to do with Circle's unfortunate choice of bankers.
The fact that it predictably influenced BtC value tells us of the fickle nature of some or most crypto holders.
Good time to buy the dip imho.
I guess see my comment on your post just prior.