Bitcoin ( BTC-USD ) retook $20K in Saturday after slipping to $19.65K on Friday, its lowest level in two months, showing some stabilization in the days after Silvergate ( SI ) Bank and Silicon Valley Bank ( SIVB ) both collapsed. Ethereum ( ETH-USD ) rose to ~$1.45K after slipping to $1.38K a day earlier. Most other cryptocurrencies stayed weak, with Binance Coin ( BNB-USD ) falling 0.2% to $274.76, XRP ( XRP-USD ) -1.0% , cardano ( ADA-USD ) -1.1% , and polygon ( MATIC-USD ) -1.1% . HexCoin ( HEX-USD ) jumped 20% to $0.07 and dogecoin ( DOGE-USD ) rose 0.2% . The bitcoin and ether stability came after USD Coin ( USDC-USD ) lost its peg with the U.S. dollar and was trading at $0.93 at 11:51 AM ET. Hal Press of NorthRock LP pointed out via tweet that Circle, the firm sponsoring USD Coin, holds 77% of its reserves in one- to four-month T-Bills. "This provides an absolute floor on USDC of 0.77," he said . SA contributor Mike Fay looks at bitcoin ( BTC-USD ) and the 10 years since the Cypriot bank crisis.
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