![]() Withdrawal orders from SVB reached a breathtaking $42 billion in a single day on Thursday, according to the California Department of Financial Protection and Innovation. "Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the US economy and will follow guidance provided by state and Federal regulators," Circle said in a statement. Meantime, Binance, the largest cryptocurrency transaction site, said it was suspending conversions of USDC into BUSD - Binance USD, the platform's own "stable" currency. More than $25 billion in USDC had been exchanged on the Coinbase platform in 24 hours, an enormous volume compared to overall holdings. The Coinbase cryptocurrency exchange platform said it was suspending USDC-dollar conversions until Monday, given its exceptionally high activity. The Dai, the fourth-largest stablecoin by volume in circulation, fell to 95 cents, while the Frax (sixth largest) fell to 94 cents, its lowest ever. Overnight Friday to Saturday, the USDC fell to its lowest level ever, dropping to 87 cents before recovering to around 94 cents. Stablecoins are supposed to be backed by equivalent reserves in immediately available assets, either cash or readily convertible financial securities. It is listed as the second largest "stable" currency worldwide, based on its volume in circulation (around $40 billion), behind Tether. Pionex is a great app to trade and invest in cryptocurrencies in 2022. The USD Coin, or USDC, was launched in 2018 as a "stablecoin," meaning it was indexed to a currency backed by a central bank, in this case the US dollar. The agency said Friday it would provide certificates to customers with uninsured funds - those above the $250,000 limit - so that they would be the first to receive funds eventually recovered while the bank is in receivership.īut the process of liquidating the bank's assets can be long, with no certainty of just how much will be recovered. Add rates and favorites to list hidden under app&039s icon. Look it up Features: Add rates to menu bar. Cryptey iOS is also available from the App Store. ![]() CoinMarketCap is considered of the world’s most popular cryptocurrency tracking apps. The FDIC guarantees deposits - but only up to $250,000 per client and per bank. All rates for 7 major exchanges are available with just a few clicks. CoinMarketCap Best Free Crypto Portfolio Tracker App Today, many investors and traders rely on third-party portfolio trackers to monitor their cryptocurrency investments. Furthermore, Coinbase Wallet enables users to earn interest on their crypto assets while still using the user-friendly mobile wallet. Using the in-app crypto buying option, non-Ethereum and Polygon assets can be purchased. ![]() SVB is expected to reopen on Monday under a new name, with billions in customer deposits now under FDIC control. The term is most often used in reference to Bitcoin and other cryptocurrencies.
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