🚀

5%

1st Target is May2022 level ~ 28-33k level.

On March 11, 2023, an important event happened in the crypto market. The fear level at https://btctools.io/ has reached 15. Many are concerned that several of the major steiblocoins have lost parity with the dollar at once.

Circle Financial's second-largest stablecoin, USDC, fell below $0.90, hitting a low of $0.877 per coin. In addition, five other stablecoins fell below parity with the U.S. dollar during early morning (ET) trading sessions.

Major crypto exchanges are suspending USDC trading due to rising fears of further deterioration after Circle Financial announced that SVB Bank holds $3.3 billion in cash reserves (USDC). The news sent USDC down to a low of $0.877. As of 9:21 p.m. MSC, USDC is trading at $0.93 per unit, up 3% from a low of $0.87.

BitPay (@BitPay) said (https://twitter.com/BitPay/status/1634574464431038464?ref_src=twsrc%5Etfw) on Twitter, "We are temporarily suspending purchases using USDC on Ethereum and Polygon. We have also suspended downloads to the BitPay card in the app. Further updates will be announced later."

Several major crypto exchanges, including Binance and Coinbase, have suspended USDC trading following the USDC price drop.

"Binance has temporarily suspended the automatic conversion of USDC to BUSD due to current market conditions, especially related to high inflows and increasing burdens to support the conversion," "This is a normal procedural risk management step to take while we monitor the situation," Binance tweeted (https://twitter.com/binance/status/1634361554543030273?s=20).

Coinbase stated, (https://twitter.com/coinbase/status/1634399032767307776?s=20) "We are temporarily suspending USDC to USD conversion over the weekend while banks are closed. During periods of increased activity, conversions are dependent on USDC transfers from banks during normal bank hours. When banks open on Monday, we plan to resume conversions."

Singapore-based cryptocurrency exchange Crypto.com also suspended (https://status.crypto.com/) deposits in USDC on March 11. "Due to excessive caution, we have temporarily suspended USDC conversion, USDC deposit and USDC pairs trading due to current market conditions. USDC withdrawals remain available. We will continue to assess the situation and plan to resume USDC trading as soon as possible."

The decline in the USDC price triggered a wave effect of price declines in five different stackcoins, including GUSD, DAI, FRAX, USDP and USDD. FRAX currently trades at $0.91, USDD trades at $0.94, USDP trades at $0.95, DAI trades at $0.92, and GUSD trades at $0.97 per unit. The largest stable coin by market capitalization, tether (USDT), has remained in the $0.99 to $1 range since the SVB bankruptcy.

The main stabelcoin of the planet, which everyone has been calling a scam for years, and the Wall Street Journal has published 84 negative articles about Tether in 2022 alone, has been the most stable so far.

Time will tell what will happen next. However, it is already clear that this crisis is man-made, and it is also clear that this storm has not yet achieved the desired results. Most likely, after a short respite and regrouping of forces, the bankers will continue to crush the crypto-industry. They have a narrow window of opportunity, CBDC is coming soon. The main thing now is more fear.