BTC NOON
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Blockchain
  • Regulations
  • Altcoin
  • DeFi
  • Web 3.0
No Result
View All Result
BTC NOON
No Result
View All Result
Home Altcoin

Crypto Platform Huobi Exchanged $100,000,000 USDC for DAI During Stablecoin Depegging Scare: On-Chain Data

Xiao Chen Sun by Xiao Chen Sun
March 13, 2023
in Altcoin
0
Crypto Platform Huobi Exchanged $100,000,000 USDC for DAI During Stablecoin Depegging Scare: On-Chain Data
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Crypto Analyst Sees Bullish Continuation for Arbitrum and Injective, Calls for Bitcoin To Move Higher

Time To Get Rid of Bearish Bias As Bitcoin Bull Market Is Confirmed, Says Trader Who Nailed 2018 BTC Bottom

Aptos (APT) Founder Names Three Things That Could Attract a Billion New Crypto Users

Crypto alternate Huobi transformed $100 million price of USD Coin (USDC) to Dai (DAI) as uncertainty unfold within the stablecoin market this weekend, on-chain information exhibits.

Based on blockchain monitoring agency Lookonchain, Huobi made the big transaction early on Saturday morning.

“It seems that one among Huobi’s wallets additionally exchanged 100 million USDC for 100 million DAI.”

Image
Supply: Lookonchain/Twitter

Lookonchain additionally noticed Tron (TRX) founder and crypto billionaire Justin Solar, who backs Huobi, taking out USDC from Ethereum-based lending platform Aave (AAVE) and buying and selling it for DAI.

“Justin Solar withdrew 82 million USDC from Aave and exchanged for 82 million DAI.”

Image
Supply: Lookonchain/Twitter

The actions come because the crypto markets confronted one other stablecoin scare.

USDC misplaced its peg to the US greenback following information that Circle, the stablecoin’s issuer, had $3.3 billion of its $40 billion reserves stuck in Silicon Valley Financial institution (SVB), a collapsed financial institution now below the management of the Federal Deposit Insurance coverage Company (FDIC). DAI additionally misplaced its peg as it’s partially backed by USDC.

USDC traded as little as $0.87 whereas DAI retraced to a 24-hour low of $0.89.

The depegging triggered greater than a $7 billion wipeout from USDC’s market cap, and prompted merchants and whales to make massive strikes to mitigate danger or benefit from arbitrage alternatives.

Lookonchain additionally noticed a whale going for a seven-figure revenue by borrowing USDT, which didn’t lose its peg, to purchase up USDC at a less expensive worth in hopes of returning the mortgage after USDC already went again to its dollar-peg.

“Whale CZSamSun is shopping for USDC for arbitrage!

Deposited stETH and ETH to Aave and InstaDapp, borrowed USDT to purchase USDC.

Up to now, has exchanged 28,577,700 USDT for 29,961,238 USDC.

Over $1.3M in revenue as soon as USDC is again to the peg!”

Image
Supply: Lookonchain/Twitter

At time of writing, each USDC and DAI haven’t but recovered their desired peg. Each stablecoins are buying and selling at $0.94.

Do not Miss a Beat – Subscribe to get crypto e-mail alerts delivered on to your inbox

Verify Price Action

Comply with us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Every day Hodl aren’t funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any loses you might incur are your duty. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please observe that The Every day Hodl participates in affiliate marketing online.

Generated Picture: DALLE-2





Source link

Tags: CryptoDAIdataDepeggingExchangedHuobiOnChainPlatformScareStablecoinUSDC
Share30Tweet19
Xiao Chen Sun

Xiao Chen Sun

Recommended For You

Crypto Analyst Sees Bullish Continuation for Arbitrum and Injective, Calls for Bitcoin To Move Higher

by Xiao Chen Sun
October 4, 2023
0
Crypto Analyst Sees Bullish Continuation for Arbitrum and Injective, Calls for Bitcoin To Move Higher

A intently adopted crypto strategist is predicting sustained rallies for layer-2 protocol Arbitrum (ARB) and decentralized derivatives alternate Injective (INJ). Pseudonymous analyst Altcoin Sherpa tells his 196,600 followers...

Read more

Time To Get Rid of Bearish Bias As Bitcoin Bull Market Is Confirmed, Says Trader Who Nailed 2018 BTC Bottom

by Xiao Chen Sun
October 3, 2023
0
Time To Get Rid of Bearish Bias As Bitcoin Bull Market Is Confirmed, Says Trader Who Nailed 2018 BTC Bottom

A prime dealer who precisely referred to as the 2018 bear market backside for Bitcoin (BTC) believes that the crypto king has formally entered bull territory. Pseudonymous analyst...

Read more

Aptos (APT) Founder Names Three Things That Could Attract a Billion New Crypto Users

by Xiao Chen Sun
October 2, 2023
0
Aptos (APT) Founder Names Three Things That Could Attract a Billion New Crypto Users

The co-founder of Aptos (APT) is weighing in on what developments within the digital belongings area may entice the following wave of mass adoption. In a brand new...

Read more

Trader Calls Ethereum-Based Altcoin ‘Most Obvious Play’ Amid Bear Market, Predicts Rally for Bitcoin and ETH

by Xiao Chen Sun
October 2, 2023
0
Trader Calls Ethereum-Based Altcoin ‘Most Obvious Play’ Amid Bear Market, Predicts Rally for Bitcoin and ETH

A intently adopted dealer thinks that one Ethereum (ETH)-based altcoin is a strong long-term play within the midst of an prolonged crypto bear market. Pseudonymous analyst Inmortal tells...

Read more

Under-the-Radar DeFi Altcoin Surges by 22% on Friday Amid the Rollout of New Mining Rewards

by Xiao Chen Sun
October 1, 2023
0
Under-the-Radar DeFi Altcoin Surges by 22% on Friday Amid the Rollout of New Mining Rewards

The native altcoin for a decentralized finance (DeFi) ecosystem constructed on the Tron (TRX) blockchain surged by over 22% in in the future amid the rollout of latest...

Read more
Next Post
Halting Stablecoin Trading Amidst Price Volatility – Cryptopolitan

Halting Stablecoin Trading Amidst Price Volatility – Cryptopolitan

Related News

Aumenta Solutions, MSI, Jelurida Partner for Blockchain-Based Port Infrastructure Maintenance Platform

Aumenta Solutions, MSI, Jelurida Partner for Blockchain-Based Port Infrastructure Maintenance Platform

April 11, 2023
XRP-Supporting Lawyer John Deaton Asked To Testify in Maine in Support of Pro Crypto Policy

XRP-Supporting Lawyer John Deaton Asked To Testify in Maine in Support of Pro Crypto Policy

April 4, 2023

Spear phishing vs. phishing: what’s the difference?

September 23, 2023

Browse by Category

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Blockchain Games
  • Business
  • Crypto
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • DeFi
  • Economy
  • Education
  • Entertainment
  • Ethereum
  • Featured
  • Gambling
  • Governance
  • Health
  • Lifestyle
  • Market
  • News
  • Regulations
  • Uncategorized
  • Web 3.0
  • World

Find Via Tags

Altcoin Analyst Bank Binance Bitcoin Blockchain Blog BTC CEO Coinbase Court Crypto data DeFi digital ETF ETH Ethereum Exchange finance Financial Foundation FTX Heres high IBM Investors Launch Launches market million Network NFT Price Protocol Rally Regulatory Report Ripple SEC Spot Top Trading Web3 XRP

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Blockchain Games
  • Business
  • Crypto
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • DeFi
  • Economy
  • Education
  • Entertainment
  • Ethereum
  • Featured
  • Gambling
  • Governance
  • Health
  • Lifestyle
  • Market
  • News
  • Regulations
  • Uncategorized
  • Web 3.0
  • World

Recommended

  • Alameda sent $4.1B of FTT tokens to FTX before crash: Nansen report
  • Is Bitcoin The Future Global Currency? EDX Markets CEO Makes A Mind-Blowing Insight
  • Seven key insights on GraphQL trends
  • Jack Dorsey's Block Shipping New BitKey Bitcoin Wallet
  • Ethereum ETFs Face Lackluster Debut From Small Investors: Is The Hype Fizzling Out?

© 2023 BTC NOON | All Rights Reserved

No Result
View All Result
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Blockchain
  • Regulations
  • Altcoin
  • DeFi
  • Web 3.0

© 2023 BTC NOON | All Rights Reserved

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?