USDC, the stablecoin issued by Circle, dropped below $ 1 for a short time after the movement in Bitcoin price yesterday.
USDC traded against the USDT pair on the Binance exchange yesterday afternoon. three times 0.74, 0.80 And for $0.79 fell. However, parity between the two was quickly restored.
Yesterday, Matrixport announced that all spot Bitcoin ETF applications were closed. will be rejected With the sharing of a report that the price of Bitcoin several thousand dollars decrease was recorded. Meanwhile More than $500 million position was liquidated.
Around the time of the development in Binance, the USDC and USDT parity on the OKX exchange dropped to $0.95 for a short time.
USDC, if investors sell large amounts against USDT and there is not enough liquidity to ensure parity. It can fall below 1 dollar.