The cryptocurrency market has seen a recovery of around $16 billion in total capitalization in the past 24 hours with USDC recovering to $0.99 and Bitcoin regaining $22,000, crypto media outlet CryptoPotato reported on March 13.

On Saturday, the depegging of USDC has been a hot topic, causing the stablecoin to drop below $0.90 for the first time. Circle holds $3.3 billion of the cash reserves backing USDC at Silicon Valley Bank (SVB), which is currently facing regulatory issues, suggesting that until the bank's issues are resolved, USDC is not backed 1-to-1 by the USD. Circle issued a statement reassuring investors that they will cover any shortfall using corporate resources, involving external capital if necessary.

This statement appears to have calmed the sentiment as USDC recovered to around $0.95. Bitcoin has also been able to reclaim the important level of $20,000 and is up about 1.7% on the day, while Ethereum is up around 2.1%. USDC, a stablecoin, is the best performer among the top 10 cryptocurrencies by market cap.

Although centralized exchanges have ceased converting USDC, the stablecoin still contributed to almost one-third of the $90.70 billion in 24-hour worldwide crypto trades. Recent data from coingecko.com indicates that dex trading platforms saw a total settlement of $15.66 billion within the last day, with trades on Uniswap version three alone accounting for $10.13 billion of that amount.

Source: CRYPTOPOTATO