The Bitcoin and crypto ecosystem felt an immediate effect as USD Coin (USDC) depegged from the U.S. dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $3.3 billion of Circle’s $40 million transfer request.

Widely followed crypto analyst Benjamin Cowen says that the Bitcoin and cryptocurrency markets could give up hundreds of billions of dollars in a correction similar to the dot-com collapse.

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