The 2% market depth on Binance for the USDC/USDT pair is skewed to the upside, with $26 million in orders stacked up to $1.02 and $6.1 million in orders stacked down to $0.98, according to CoinMarketCap. This means that when a trader makes a sell order larger than $6.1 million, the price would fall below $0.98. There was $6.2 million worth of volume at 12:10 UTC followed by $4.3 million at 12:21 UTC.
Source: https://www.coindesk.com/markets/2024/01/03/usdc-stablecoin-momentarily-depegs-to-074-on-binance/?utm_medium=referral&utm_source=rss&utm_campaign=headlines