Market Wrap: Bitcoin Stumbles to $11,300; USDC Lending Rates Skyrocket

As the bitcoin market sees red, DeFi opportunities in stablecoin trading have some borrowing rates exploding to double digits. USDC opportunities skyrocketing dYdX rates The second-largest cryptocurrency by market capitalization, ether (ETH), was down Tuesday trading around $378 and slipping 4% in 24 hours as of 20:00 UTC (4:00 p.m. ET).

Borrowing rates on dYdX (red) spiking.Source: DeFi Pulse The catalyst for rising rates on dYdX are derived from the USDC stablecoin, which has seen its borrowing rate jump as high as 25% this week. In this instance, a trader took advantage of stablecoin tether’s (USDT) price relative to USDC on trading platform Uniswap and borrowed from dYdX.

Timeline of Ethereum, Tether, Usd-coin