Many American banks crash and Usdc depeggs

in #usdc • last year

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This was an unfortunately eventful weekend as SYLLICONE Bank had the largest crash since banks of 2008. Over -60% loss of market capitalization value. Many other banks followed suite.

The banks bought us Treasury bonds over a year before and only since the us rate hikes happened the value dropped.

Multiple bank account holders wanted to withdraw funds which resulted in realized losses on the bank selling to liquidate. The run on the bank began and many millions were lost with every liquidation.

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Also USDC also depegged from 1:1 with the us dollar. It went below 90 cents. Since it is an erc20 token it has fees to exchange.

Ethereum was also ruled by district attorney to be a security.

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