MKR sees green as regulators move to restore deposits at failed SVB
In response to recent developments, Maker’s [MKR] price experienced a substantial increase of nearly 30% in the last 24 hours.
This surge followed the announcement by Federal regulators to fully restore all deposits at failed Silicon Valley Bank (SVB). Additionally, fintech company Circle made a statement to cover any of its stablecoin USDC reserves, which further bolstered market confidence.
<p lang=«en» dir=«ltr» xml:lang=«en»>Circle’s USDC operations will open for business on Monday morning, including with new automated settlement via our new partnership with Cross River Bank. https://t.co/ybkSEedzrC— Jeremy Allaire (@jerallaire) March 13, 2023
MKR’s price had seen only double-digit declines for most of the weekend prior to these announcements.
Further, these announcements have also helped drive up the values of de-pegged stablecoins DAI and USDC. At press time, both coins traded at $0.99 and aimed at reclaiming their $1 peg before the end of trading today, per data from CoinMarketCap .
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At press time, MKR exchanged hands at $915.60. With improved sentiment in the last 24 hours, MKR’s Open Interests shot up significantly, per data from Coinglass . At $64.87 million at press time, MKR’s Open Interests rallied by 24% in the last 24 hours.
A jump in a crypto asset’s Open Interest is a significantly bullish signal, indicating that the number of outstanding contracts or positions for that asset has increased. It also reflects increased trading activity and improved market sentiment for a particular crypto asset.
Source: Coinglass
In addition, an assessment of MKR’s on-chain performance revealed a dip in its Network Profit/Loss ratio immediately before the
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