Smart Coin Selling USDC Buys From These 5 Altcoins! –

An important question is how the USD Coin (USDC), which has recently lost its price stability, will react from institutional investors and funds. On-chain data shows that funds like Justin Sun and Kyber Ventures are trading USDC for 5 altcoins.

How does institutional money react to the fluctuating USDC price?

Leading cryptocurrency analytics firm Lookonchain recently tweeted about the volatile price of USDC and how various funds have responded to it. The tweet mentioned that some funds were redeeming USDC holdings for USD cash through Circle and Coinbase ahead of the weekend bank holiday.

These funds include Jump Trading, Wintermute Trading, Genesis Trading and BlockTower Capital. On the other hand, some other funds are buying USDC from the bottom. One of these transactions was made by Ethereum founder Vitalik Buterin.

Vitalik.eth, Worthalter, and Taureon Capital are said to have acquired USDC at a low price. In this article, we have included the statements of North Rock Digital CEO Hal Press, which he said will purchase at $ 0.88, and Buterin’s transactions.

Other funds move to these 5 stablecoins

Several other funds have exchanged USDC holdings for other cryptocurrencies such as DAI, USDT, USDP, BUSD, and ETH. Some of the funds that make such exchanges include Justin Sun, IOSG Ventures, Kyber Ventures, Chain Capital, Hashed, Spartan Group, Signum Capital, Infinity Ventures Crypto, LD Capital, LedgerPrime, Dokia Capital and Alpha Citadel Ventures.

It is worth considering that stablecoins can be affected by various market forces such as changes in demand or supply. Additionally, regulatory actions or changes to the underlying assets on which the stablecoin is pegged can also affect its value.

We can get an idea of ​​how investors see the situation as various funds expect USDC to reclaim price stability. Some investors may panic and sell their USDC holdings, while others may be taking advantage of the situation and buying USDC at a low price. Others may be replacing USDC holdings with other cryptocurrencies they believe are more stable or have more growth potential.

Circle says it will “close any gaps” reported: USDC rises

Circle, the company behind USDC, said in an official statement that it will resume normal operations from Monday and the stablecoin will remain pegged to the US dollar. The disclosures came after the firm developed a plan to use its “corporate resources” to fill any shortfalls in its reserves after the bank’s abrupt closure on March 11.

According to an official blog post by Circle, the company states that if the bank is unable to return the required cash assets, it will support its stablecoin by financing it with company resources. In addition, Circle also announced that it will seek outside funding if such a scenario arises. During the company’s confidence, the USD Coin price returns to its dollar stability.

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