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MKR Sees Green as Regulators Move To Restore Deposits at Failed SVB

In response to recent developments, Maker’s [MKR] price experienced a substantial increase of nearly 30% in the last 24 hours.

This surge followed the announcement by Federal regulators to fully restore all deposits at failed Silicon Valley Bank (SVB). Additionally, fintech company Circle made a statement to cover any of its stablecoin USDC reserves, which further bolstered market confidence. 

MKR’s price had seen only double-digit declines for most of the weekend prior to these announcements.

Further, these announcements have also helped drive up the values of de-pegged stablecoins DAI and USDC. At press time, both coins traded at $0.99 and aimed at reclaiming their $1 peg before the end of trading today, per data from CoinMarketCap.

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