Circle Burns and Mints Millions of USDC Amid High Cryptocurrency Market Activity - Investor Bites

Circle Burns and Mints Millions of USDC Amid High Cryptocurrency Market Activity – Investor Bites

Time Stamp: August 15, 2023 5:58 AM
Source Node: 2222795

SNEAK PEEK

  • Circle experienced significant activity over the past 24 hours, burning 360.9 million USDC and minting 288.8 million USDC.
  • Voyager redeemed 85 million USDC from Circle during the same period.
  • Voyager also transferred approximately $14.7 million worth of cryptocurrencies, including SHIB, ETH, LINK, MATIC, and CRV, to Coinbase.

Over the past 24 hours, Circle has witnessed a flurry of activity. The fintech company burned approximately 360.9 million USDC, a digital currency pegged to the US dollar. Additionally, it minted a new batch of 288.8 million USDC during this period.

Voyager, a prominent cryptocurrency trading platform, played a key role in this activity. Significantly, Voyager redeemed a substantial 85 million USDC from Circle within the same 24-hour period. Moreover, Voyager made substantial transfers to Coinbase, a major cryptocurrency exchange, via the Ethereum blockchain.

Consequently, Voyager moved around $14.7 million worth of cryptocurrencies to Coinbase. The transfers included 300 billion SHIB tokens, 2.57 thousand ETH, 234.66 thousand LINK, 1.87 million MATIC, and 30.19 thousand CRV. These transactions underscore the high liquidity and dynamic trading environment of the cryptocurrency market.

Besides these transfers, Voyager moved approximately 45 BTC, Bitcoin’s native currency, within the last 24 hours. This transfer reaffirms the ongoing demand for Bitcoin, the world’s first and most well-known cryptocurrency.

Hence, Circle’s burning and minting of USDC, combined with Voyager’s substantial transactions, indicate a robust cryptocurrency market. The high trading volume of diverse cryptocurrencies demonstrates their enduring popularity and the potential for continued growth.

Recently, InvestorBites shed light on a significant transaction involving Voyager Digital Ltd., a prominent player in the financial market. According to their report, Voyager Digital Ltd. has undertaken a substantial transfer, converting $150 million worth of USDC stablecoin into USD cash through a transaction with Circle.

Following this recent maneuver, the USDC token is experiencing a bullish sentiment, with bullish investors having observed a slight price increase of 0.01% in the past 24 hours. The current positive trend in the USDC market appears poised to persist, as evidenced by the uptick in its trading volume, which has surged by 13.23% and currently stands at 13.23%.

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