BTC Price Index and Live Chart – CoinDesk”>(BTC) ETF will be approved this month.

USDT Price Index and Live Chart – CoinDesk”>(USDT) trading pair on Binance; the price immediately snapped back to $1 on all three occasions. This can happen when a trader is selling USDC to USDT, but there’s not enough liquidity to keep the $1 price.

USDC/USDT chart

According to CoinMarketCap, the 2% depth of the Binance market for the USDC/USDT is skewed upwards, with 26 million orders stacked to $1.02, and 6 million orders stacked to $0.98. The price will fall below $0.98 when a trader places a larger sell order than $6 million. At 12:10 UTC, there was a volume of $6.2 million. This was followed by $4.3 at 12:21.

After a Report by Matrixport predicted that the SEC will reject several spot bitcoin ETFs this month, more than $500 million worth of derivative positions have been liquidated.

This trading pair has seen several small depegs in the last few months. However, none of them exceeded 4% either way.

USDC last lost its peg in March, following the collapse Silicon Valley Bank. It was trading at $0.86 when it was revealed Circle held a portion the funds that backed the stablecoin at the bank.

Sheldon Reback is the editor.