<p>USDC nearly regained its peg and cryptocurrencies rallied on the <a href="https://www.theblock.co/post/219119/state-regulator-takes-control-of-signature-bank-federal-regulators-guarantee-deposits">news</a> that all Silicon Valley Bank and Signature Bank deposits will be fully returned to customers.</p> <p>The stablecoin was trading at $0.99 as of 7:37 pm ET on Sunday after losing its peg on Friday after its issuer Circle announced that it had <a href="https://www.theblock.co/post/218971/circle-says-3-3-billion-of-usdc-reserves-are-with-silicon-valley-bank">$3.3 billion of USDC reserves</a> stuck at SVB.</p> <p>Circle Chief executive Jeremy Allaire said on Twitter that "100% of deposits from SVB are secure and will be available at banking open tomorrow."</p> <p><img class="alignnone wp-image-219136 size-full" src="https://www.tbstat.com/wp/uploads/2023/03/USDCUSD_2023-03-12_19-41-54.png" alt="" width="2208" height="1274" /></p> <p><a href="https://www.tradingview.com/chart/h7wYKiIo/?symbol=CRYPTO%3AUSDCUSD">USDC/USD Chart by TradingView</a></p> <p>Bitcoin, which has been trading under $21,000 since Thursday, was up 7.7% today and rose to just over $22,000 as regulators announced they would also be shutting down Signature Bank.</p> <p>Meanwhile, Ether rose to $1,590 and was up 7.9% in the last day.</p> <p>&nbsp;</p> <p><img class="alignnone wp-image-219140 size-full" src="https://www.tbstat.com/wp/uploads/2023/03/BTCUSD_2023-03-12_19-47-51.png" alt="" width="2208" height="1274" /></p> <p><a href="https://www.tradingview.com/chart/h7wYKiIo/?symbol=BITSTAMP%3ABTCUSD">BTC/USD Chart by TradingView</a></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>