Circle Announces Operations are Normal

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Today’s Cryptocurrency Headline

Stablecoin issuer Circle issued an announcement stating that Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash. While Circle awaits clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally. 

Circle’s reserve report for January revealed that the company had deposited around $9.88 billion of cash into regulated banks to support the value of USDC. The firm’s banking partners consist of Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, and Silicon Valley Bank.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The US Department of Labor reported that non-farm employment increased by 311,000, surpassing the estimated rise of 225,000. Bitcoin is up 1.75% over the last 24 hours and rose to an intraday high of $20665.69. The largest cryptocurrency has rebounded above the critical psychological threshold of $20,000, indicating that investors with a positive outlook are taking advantage of the price decline. The recent decline has caused the relative strength index (RSI) to enter the oversold territory, indicating that the selling pressure may have been excessive in the short term, and a rebound could be likely. If the BTC/USDT pair falls below $20,000, there is a possibility that the price could descend to $18,500.

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