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Here's Why Bitcoin, Ethereum Price Rising Amid Bank Woes, Stablecoins Depeg

source-logo  coingape.com 11 March 2023 08:39, UTC

The crypto market is witnessing a massive crisis as crypto-friendly banks Silvergate, Silicon Valley Bank, and now Signature Bank faces bank runs. The “bank run” driven by depositors withdrawing money from the bank is causing stablecoins to depeg to the US dollar. Many stablecoins, especially Circle’s USDC, have depegged creating a systemic effect on other stablecoins and cryptocurrencies.