On Monday, the value of tokens such as Bitcoin and Ether experienced a significant surge after hitting weeks-long lows on Friday. This rally in cryptocurrency prices is part of a larger trend as markets react to the fallout from the collapse of Silicon Valley Bank. Additionally, fears are growing over the possibility of a broader financial crisis.
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Marathon Digital Holdings stated that its cash deposits at Signature Bank are secure and accessible, with around $142 million in deposits at Signature Bridge Bank. The bank was established by the US Federal Deposit Insurance Corporation to manage customer accounts at the recently closed Signature Bank. Marathon also confirmed its access to funds for business operations and treasury management and still holds over 11,000 Bitcoin as a financial asset beyond the traditional banking system.
On Monday, March 13th, Circle's USDC stablecoin experienced a significant number of redemptions following a weekend of panic and de-pegging. According to blockchain researcher Nansen, over $1.74 billion worth of USDC stablecoins were redeemed on that day alone. This sudden surge in redemptions highlights the importance of maintaining a stable peg for any stablecoin to ensure investor confidence and prevent market volatility...read more
