USDC’s De-peg Did Not Influence ETH and BTC’s Prices: Report
The blockchain intelligence firm Santiment (@santimentfeed) shared its latest insights in a tweet yesterday. In the report, the firm analyzes the ramifications of the recent USD Coin (USDC) fallout and how its falling market cap has changed crypto’s landscape.
📈 Many experts always believed that a fall of #USDCoin vs. #Tether would make #Bitcoin soar. Has this come to fruition? Our community insight discusses the ramifications of the $USDC fallout and how its falling market cap has changed #crypto’s landscape. https://t.co/0x3KZIEi3A pic.twitter.com/KEkTumkEBv
— Santiment (@santimentfeed) March 13, 2023
The report started by stating that predictions that the collapse of USDC will cause the prices of Bitcoin (BTC) and Ethereum (ETH) to increase did not come true. According to Santiment’s insights, rumors of USDC as a digital dollar and huge transfers of confiscated bitcoins leads to the assumption that it is artificial FUD that has been induced.
At press time, the price of BTC is up 8.37% in the last 24 hours according to CoinMarketCap. As a result, BTC’s price stands at $24,396.89 at press time. The crypto leader’s weekly performance is also in the green at +8.75%.
Meanwhile, the altcoin leader ETH also experienced a 24-hour price increase of 3.93%. The crypto’s price is also up 6.77% over the last 7 days. As a result, ETH is currently trading at $1,678.14.
USDC was able to recover from its de-peg from the US dollar over the last 24 hours. CoinMarketCap shows that USDC’s price has risen 0.75% over the last 24 hours. Unfortunately, the stablecoin is just below $1 at press time and is trading at $0.9991 as a result.
The market cap for USDC is estimated to be $39.458 billion at press time. The stablecoin’s biggest competitor, Tether USD (USDT), has a total market cap of around $73.286 billion currently.
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