$500,000,000 USDC Stuns World's Largest Crypto Exchange Amid Hourly Bloodbath
Main Idea
Binance received a $500 million USDC deposit during a significant market downturn, which included large liquidations and price drops for major cryptocurrencies like Bitcoin and Ethereum.
Key Points
1. $500,000,000 in USDC was transferred to Binance during a period of heavy market liquidation.
2. Ethereum (ETH) dropped below $3,770, Bitcoin (BTC) fell under $118,200, and over 117,000 accounts were liquidated, erasing $348 million, mostly from long positions.
3. ETH saw the highest liquidation volume at $35.13 million, followed by BTC ($6.73 million) and Solana (SOL) ($5.07 million).
4. In just one hour, $84 million was wiped out, with $79 million coming from long positions.
5. The large USDC deposit occurred amid a broader market crash, raising questions about its timing and purpose.
Description
Binance sees half billion in USDC stablecoin deposit right after crypto market gets wrecked
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