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FTX Crash Leads to Drop in Market Value of USDC

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It is reported that the market value of USDC has shrunk by nearly US $7 billion since the FTX crash in October 2022. Glassnode data shows that before the FTX c…

FTX Crash Leads to Drop in Market Value of USDC

It is reported that the market value of USDC has shrunk by nearly US $7 billion since the FTX crash in October 2022. Glassnode data shows that before the FTX crash, the market value of Tether was about 69.95 billion US dollars, while that of USDC was 47.33 billion US dollars. Today, the market value of USDC is 40.96 billion US dollars, a decrease of about 7 billion US dollars. The current market value of USDT is about 68.48 billion US dollars, but the decline is small compared with that of USDC. In addition, the market value of BUSD fell from about US $21 billion to about US $16 billion, down more than US $5 billion. （cryptoslate）

Since the FTX crash in October 2022, the market value of USDC has shrunk by nearly $7 billion

Interpretation of the news:


The recent FTX crash in October 2022 had significant implications on the cryptocurrency market, with the market value of USDC shrinking by almost US $7 billion. According to Glassnode data, prior to the crash, the market value of Tether was around US $69.95 billion while that of USDC stood at US $47.33 billion. However, the current market value of USDC is at US $40.96 billion, indicating a decline of approximately US $7 billion.

On the other hand, the market value of USDT has only slightly decreased from its pre-crash value and currently stands at around US $68.48 billion. The decline in the market value of BUSD was even more significant, dropping from US $21 billion to US $16 billion, representing a decrease of more than US $5 billion.

The current market condition is indicative of the volatile nature of cryptocurrencies. Digital assets can experience sudden price drops and market value fluctuations, often with little warning. Investors should remain vigilant and constantly monitor their investments in cryptocurrency to avoid incurring significant losses.

As for USDC, the drop in market value following the FTX crash is a cause for concern. USDC, an Ethereum-based stablecoin, has gained popularity in recent years due to its stable value pegged to the US dollar. However, the current drop in market value could potentially damage investor confidence in USDC and its stability.

In conclusion, the FTX crash has had a significant impact on the cryptocurrency market, with USDC experiencing the most significant decline in market value. Investors need to remain cautious and take extra precautions when investing in digital assets, especially during sudden market shifts.

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