The crypto market is currently on a downward trend after Silvergate Bank shut down its exchange network (SEN). Silvergate Bank is a crypto-friendly bank mainly used for institutional investors to send money to crypto exchanges. The bank recently delayed filing its annual report and warned about possible regulatory issues. As a result, multiple firms have suspended their operations and transfers with Silvergate.
Analysts predict that Stablecoins are likely to gain popularity as these struggles continue. Stablecoins Tether (USDT) and USD Coin (USDC) have already progressed since the crash. Despite an overall market downturn, Big Eyes Coin (BIG) continues to enjoy one of the most successful presales in crypto history and is showing great potential.
Stablecoins USDT and USDC Thrive Amid Silvergate Struggles
US regulation is becoming increasingly unfriendly towards crypto exchanges, and the market is suffering. Silvergate Bank’s struggles have caused chaos in the crypto market and when the announcement was first made, Bitcoin’s (BTC) price was pushed to a three week low.
Stablecoins function a bit differently to other cryptocurrencies and work to bridge the worlds of cryptocurrency and fiat currency. Stablecoins peg their price to a stable external asset such as the US dollar, which dramatically reduced price volatility. They serve as a medium for trading on exchanges and making transactions between fiat money and digital assets. They still need to access a crypto bank but instead of depositing dollars with an exchange, users deposit dollars with a stablecoin issuer, receive stablecoins and then transfer them to an exchange.
As the crypto market struggles, it is likely that traders will turn to stablecoins and Tether and USD Coin have already seen a rise.
USDT’s market share among stablecoins surpassed 54%. This is the largest market share that Tether has seen since November 2021. The coin has gained around $3 billion since mid February and now holds a market capitalization of $71.74 billion.
USDC has also gained around $3 billion recently. The stablecoin is currently ranked 5th amongst the highest cryptocurrencies by market capitalization. USDC’s developers recently announced that they had already begun winding down operations with Silvergate in 2022 at the first signs of trouble. A percentage of its USDC reserve deposits held at Silvergate has been moved to other banking partners.
Big Eyes Presales Skyrocket
While the crypto market is in chaos, Big Eyes Coin is unphased by the downward spiral around them. Quite the opposite, Big Eyes is currently experiencing one of the biggest crypto presales ever. The coin is speeding towards its $51 million launch target having raised £31.21 million so far. But there is a good reason for its success, as Big Eyes holds some of the most promising features we’ve seen in a while.
Big Eyes Coin sees the power in its community. The coin will therefore feature a DAO structure and users will be able to vote on and have a say in the direction of the project. This is all part of the plan for long term success.
The other parts of the Big Eyes ecosystem will also self-propagate growth. They will release an NFT collection featuring their signature cute cats. These pieces of digital art will also hold access to exclusive Big Eyes content and events and will increase the value of the coin as the platform grows.
Purchasing coins in presale can be a great way to make great returns in the market as the coin is at its lowest price and the only way is up. You can currently buy BIG tokens for the low price of $0.00049. If you use the Vault Pin ‘819’ you will also receive a complimentary 5,000% ROI loot box!
For more information on Big Eyes Coin (BIG):
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Twitter: https://twitter.com/BigEyesCoin