USDC Stablecoin Momentarily Depegs to $0.74 on Binance

Circle's USDC dollar-pegged stablecoin fell to as low at $0.74 on three separate occasions today following a marketwide sell-off spurred by a report casting doubt over whether a spot bitcoin (BTC) ETF will be approved this month. Between 12:10 and 12:21 UTC, USDC suffered three spikes down to $0.74, $0.80 and $0.79 against its tether (USDT) trading pair on Binance; the price immediately snapped back to $1 on all three occasions. This can occur when a trader sells USDC for USDT and there isn't sufficient liquidity to maintain the $1 peg. The 2% market depth on Binance for the USDC/USDT pair is skewed to the upside, with $26 million in orders stacked up to $1.02.

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