I am not into altcoins. But, WTF is happening in the market today?
Three stablecoins de-pegged. Stablecoins are not stable anymore.
https://coinmarketcap.com/currencies/usd-coin/ USDC Was traded for $0.877
https://coinmarketcap.com/currencies/multi-collateral-dai/ DAI Was Traded for $0.911
https://coinmarketcap.com/currencies/fei-usd/ FEI Was traded for $0.89.
FEI was de-pegged in 2021. But, This is the first time for USDC and DAI.
Hey, You. Yes, You. Haha, You were afraid of Bitcoin, and you were holding USDC?
USDC has exposure to Silvergate and Silicon Valley Bank. Basically USDC is no longer fully backed (if it ever was).
https://www.zerohedge.com/crypto/usdc-stablecoin-breaks-peg-circle-admits-billions-stuck-svb