Binance temporarily pauses USDC stablecoin, bitcoin surges
Yahoo Finance’s Jared Blikre joins the Live show to discuss how cryptocurrencies are moving following the arrest of FTX founder Sam Bankman-Fried and Binance pausing USDC stablecoin withdrawals.
JUIE HYMAN: All this is happening. Binance has temporarily paused some fund withdrawals. It's going to be doing a swap. Let's check in with Jared Blikre about all of this. This has to do not with Bitcoin, Jared, but with US dollar coin.
JARED BLIKRE: Yes. USDC, they have temporarily paused withdrawals. They say that will-- well, if it's temporary, they should be able to resume. And so they are saying they have to do behind the scenes a token swap for some of those assets. We'll leave the details up to them, but I just want to show you what's going on in the cryptocurrency world. Actually, a lot of green here. And we're going to get to why that is in a second.
But I do want to pull up B and B. That is the token for Binance. That is its namesake token here. And you can see, largely underwater over the past 24 hours, although it is well off of those lows. So with everything going on with cracks may be showing in the largest exchange in the world, Sam Bankman-Fried under arrest. We have charges from the SEC now, charges from the CFTC coming. All of this-- what mattered today in terms of what's moving cryptocurrency-- is CPI. That's all it took was an undershoot on this report. And because that report is so levered to the Fed and its monetary policy decisions, that is what is goosing this risk asset right now.
So that is a significant move of 5%. That is a lot more than anything we've seen in equities. And just take a look on a one-month basis. It has definitely broken through to the upside of this range. So I think at the end of the day, it really only comes down to the Fed. And wouldn't that be par for the course for this year's, guys.
BRAD SMITH: All right. Yahoo Finance's own Jared Blikre. A lot to continue to cover within the crypto space. Thanks so much for taking a look at some of the tick by tick here that we're tracking.