09-27-2022, 01:08 AM
USDC Loses 10% Market Cap in a Day. That is $5B USDC Dumped in One Day
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/xoekbm/usdc_loses_10_market_cap_in_a_day_that_is_5b_usdc/"> <img src="https://external-preview.redd.it/-LYYBB0H18W6B5QwqDb5Tfxi_7euIUo_GHN9mMiSJ0g.jpg?width=640&crop=smart&auto=webp&s=92f25f0497e8346b9054e1b8ecb1954f00b82a0c" alt="USDC Loses 10% Market Cap in a Day. That is $5B USDC Dumped in One Day" title="USDC Loses 10% Market Cap in a Day. That is $5B USDC Dumped in One Day" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>USDC is being dumped pretty heavily lately and its dominance in the stable coin industry has taken a massive blow. USDC loses $5B market cap in a day. That is 10% being dumped in a day. If this happened to Tether, everyone would make a big deal about it, rightly so. We should also treat USDC with the same scrutiny.</p> <p><a href="https://preview.redd.it/cwajcphza6q91.png?width=1414&format=png&auto=webp&s=cc37b08aa13c49b4069e5b8d1097ae2428a18e99">https://preview.redd.it/cwajcphza6q91.png?width=1414&format=png&auto=webp&s=cc37b08aa13c49b4069e5b8d1097ae2428a18e99</a></p> <p>The causes for this massive dump may be because of <a href="https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f">binance</a> stopping their support for USDC, and also because users have less trust in USDC following the tornado cash <a href="https://cointelegraph.com/news/circle-freezes-blacklisted-tornado-cash-smart-contract-addresses">debacle</a>. Exchanges like Binance and WazirX are delisting USDC. CZ stated it was to enhance liquidity but it looks more like a strategic move to promote BUSD. The next few weeks should be very interesting for USDC.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Far-Scholar9028"> /u/Far-Scholar9028 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/xoekbm/usdc_loses_10_market_cap_in_a_day_that_is_5b_usdc/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/xoekbm/usdc_loses_10_market_cap_in_a_day_that_is_5b_usdc/">[comments]</a></span> </td></tr></table>
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/xoekbm/usdc_loses_10_market_cap_in_a_day_that_is_5b_usdc/"> <img src="https://external-preview.redd.it/-LYYBB0H18W6B5QwqDb5Tfxi_7euIUo_GHN9mMiSJ0g.jpg?width=640&crop=smart&auto=webp&s=92f25f0497e8346b9054e1b8ecb1954f00b82a0c" alt="USDC Loses 10% Market Cap in a Day. That is $5B USDC Dumped in One Day" title="USDC Loses 10% Market Cap in a Day. That is $5B USDC Dumped in One Day" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>USDC is being dumped pretty heavily lately and its dominance in the stable coin industry has taken a massive blow. USDC loses $5B market cap in a day. That is 10% being dumped in a day. If this happened to Tether, everyone would make a big deal about it, rightly so. We should also treat USDC with the same scrutiny.</p> <p><a href="https://preview.redd.it/cwajcphza6q91.png?width=1414&format=png&auto=webp&s=cc37b08aa13c49b4069e5b8d1097ae2428a18e99">https://preview.redd.it/cwajcphza6q91.png?width=1414&format=png&auto=webp&s=cc37b08aa13c49b4069e5b8d1097ae2428a18e99</a></p> <p>The causes for this massive dump may be because of <a href="https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f">binance</a> stopping their support for USDC, and also because users have less trust in USDC following the tornado cash <a href="https://cointelegraph.com/news/circle-freezes-blacklisted-tornado-cash-smart-contract-addresses">debacle</a>. Exchanges like Binance and WazirX are delisting USDC. CZ stated it was to enhance liquidity but it looks more like a strategic move to promote BUSD. The next few weeks should be very interesting for USDC.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Far-Scholar9028"> /u/Far-Scholar9028 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/xoekbm/usdc_loses_10_market_cap_in_a_day_that_is_5b_usdc/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/xoekbm/usdc_loses_10_market_cap_in_a_day_that_is_5b_usdc/">[comments]</a></span> </td></tr></table>