USDC’s Market Value Declines Amid Stability Concerns

USDC has been consistently losing ground since March 2023 when it temporarily lost its $1 stability. According to recent data from CoinMarketCap (CMC), following a shocking decline within the last week, USDC’s market value fell to $27.35 billion levels at the beginning of the week. USDC’s Market Value Drops to $27.35 Billion Upon the discovery that Circle, the company issuing USDC, held $3.3 billion in reserves in the bankrupt Silicon Valley Bank (SVB), USDC entered a turbulent period since March 2023. Despite temporarily losing its $1 stability during this period, USDC continued to bleed out steadily in recent months. However, on the first day of July, there was a sharp drop in the market value of USDC, which had been continuously losing ground in recent months. According to CMC data, on July 1, USDC’s total market value fell to nearly the lowest levels in recent years, down to $27.35 billion. […] The post USDC’s Market Value Declines Amid Stability Concerns appeared first on COINTURK NEWS.