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U.S. stocks rebounded following the price recovery of regional bank stocks. The broader cryptocurrency followed suit, with Bitcoin and Ether up by 1.84% and 1.59%, respectively in the past 24 hours as of the time of writing. The hot token today is MKR, which saw the token price surge as USDC re-pegs to USD.
MKR is the native token of MakerDAO, the issuer of the largest decentralized stablecoin DAI. DAI has maintained its peg to USD since its stability module allows 1:1 exchange between DAI and USDC. As Circle announced its $3.3 billion exposure to Silicon Valley bank, USDC de-pegged, in turn, leading to the de-pegging of DAI. Since then, government intervention has revived market confidence, and USDC has resumed its peg against USD. Drawing from the above, the stability of DAI is key to the MakerDAO ecosystem and MKR will see volatility in token price if DAI depegs again. The MakerDAO community is proposing new measures to mitigate a similar depegging risk in the future.
Check Out the Latest Prices, Charts, and Data of MKRUSDT!
NFT Artist Beeple opens a digital art gallery in partnership with Christie’s. Beeple rise to fame due to the sale of “Everyday: The First 5,000 Days” for a whopping $69.3 million. The physical gallery features an immersive digital art experience for visitors, while Beeple aspires to create a space for other artists to showcase their works. The gallery is not yet open to the public but may accept reservations.
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